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( tj 2 The cost of the Phase I project is estimated at $3.3 M. Staff would propose that the project be funded <br />63 as follows: <br />6,1 DEED Grant <br />65 Developer Cont. (Met Council) <br />66 Centre Pointe TIF <br />67 <br />$371,154 (portion of fully payment) <br />68 The costs for the construction of the infrastructure and Met Council's developer contribution are <br />estimates at this point and will be refined as the projects progress. Nevertheless, as the information <br />7(), above indicates, there are sufficient dollars in existing funds to pay, in the short term, for the Twin <br />7 1 Lakes Infrastructure- Phase 1. <br />72 FINANCIAL IMPACTS <br />73 The cost for the Twin Lakes Infrastructure Improvements- Phase I is approximately $3.3M. In the short <br />741 term, the costs for construction will paid for from a State DEED grant, a developers contribution from <br />75 Met Council, and existing TIF balances in the Center Pointe TIF District. In the long term, developers <br />76 will pay for the cost of the improvements when their property develops, using the cost allocation <br />77 formulas described in the "Infrastructure Improvements for the Twin Lakes AUAR Area- Final <br />78 Report <br />T) STAFF RECOMMENDATION <br />8o Staff asks for the Council to consider the following. <br />1) Authorize staff to develop final plans and specifications and advertise for bids for the Twin <br />2 Lakes Infrastructure Improvements- Phase 1. <br />3 2) Authorize staff to start negotiations with property owners for temporary and permanent <br />easements. <br />5 3) Authorization to utilize the Centre Pointe TIF to pay for the construction of the Phase I Twin <br />6 Lakes Infrastructure Improvements in con unction with state grant money and developer's <br />7 contributions. <br />88 REQUESTED COUNCIL ACTION <br />MOTION to authorize staff to develop final plans and specifications and advertise for bids for the <br />Twin Lakes Infrastructure Improvements- Phase 1, start negotiations with property owners for <br />temporary and permanent easements, and to utilize the Centre Pointe TIF to pay for the construction of <br />�,)2 the Twin Lakes Infrastructure Improvements- Phase I in conjunction with state grant money and <br />3 developer's contributions. <br />M <br />Prepared by: Patrick Trudgeon, Community Development Director, (651) 792-7071 <br />Attachment: A. Site Location Map <br />