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