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2008_0721_packet
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Department Approval <br />l <br />REQUEST FOR COUNCIL ACTION <br />Date.- 7/21/2008 <br />Item No..- 12.c <br />City Manager Approval <br />Item Description.- Adopt Resolutions Allowing Submission of a DEED Redevelopment Grant for <br />the Twin Lakes Redevelopment Area <br />1 1.0 BACKGROUND <br />2 1.1. The Minnesota Department of Employment and Economic Development (DEED) is soliciting <br />3 Redevelopment Grant proposals and the deadline for funding requests is August 1, 2008. Eligible <br />4 activities include land acquisition, demolition, interior abatement, infrastructure improvements,, <br />ponding, and environmental infrastructure. Staff discussed potential projects for this program and <br />6 concluded that the purchase of right-of-way and construction of a portion of the roadway and <br />"7 infrastructure improvements within AUAR Subarea I of the Twin Lakes Redevelopment Area <br />would be a competitive project for this funding. <br />9 Attachment I indicates the project for which the City would be seeking funding. These include.- <br />I Construction of Twin Lakes Parkway ftom Cleveland to Mount Ridge Road; <br />"I'll Construction of Mount Ridge Road from County Road C2 to Twin Lakes Parkway; <br />12 ■ Construction of utilities (sewer and water lines) associated with the segments of Twin <br />13 Lakes Parkway and Mount Ridge Road described above; and <br />14 ■ Signalization of the intersection at Cleveland Avenue and Twin Lakes Parkway. <br />I Based on the Twin Lakes Allocation Study, the total cost of these improvements is approximately <br />16 $,3.3 million--$974,000 for right-of-way acquisition; $,514,000 for the construction of the segment <br />I <br />I ��7 of Twin Lakes Parkway; $,988,000 for the construction of Mount Ridge Road; $,500,000 for the <br />I construction of utilities; and $,330 �p 000 for signalization of Cleveland Avenue and Twin Lakes <br />I <br />19 Parkway. The City would be seeking DEED funds for $,I million of these costs. <br />2 ('-) 1.2. Over the last year, there has been significant interest in redevelopment within Subarea 1. Two <br />2 1 projects have received approvals by the City Council, including a Final Planned Unit Development <br />22 (PUD) for a hotel on the Xtra Lease Site (Cent Ventures Project) and a Concept PUD for an office <br />23 campus on the PIK Site (McGough Project)l,, and the Metropolitan Council has presented an initial <br />24 concept for the construction of a park and ride facility. Although McGough has pulled back on its <br />25 corporate campus project,, Cent Ventures and Metropolitan Council continue to be interested in <br />26 developing this area. Due to the concentration of these projects in one area of the overall Twin <br />27 Lakes Redevelopment Area, staff believes it makes sense to construct segments of the roadway <br />28 network. <br />Page I of 2 <br />
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