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9, ..... .... . . 1 1.3. In June 2008,, the City contracted with WSB to undertake design work for the public roadways and 30 infrastructure within the area identified as Subarea I in the Twin Lakes Business Park AUAR. 3 1 This work is anticipated to be completed by December 2008. 32 2. 0 POLICY OBJECTIVE 33 .1. Approving the submission of the Redevelopment Grant Application, the City is taking a proactive 34 step to leverage external funds to assist with the acquisition of right-of-way and construction of the 35 public roadways and utilities. 36 3.0 FINANCIAL IMPACTS 37 3.1. As described above,, the estimated cost of undertaking this project is $,3.3 million of which $,I 38 million is being requested from DEED, leaving the City to fund $,2.3 million. The City has a 39 variety of tools at its disposal to obtain these funds, including existing tax increment balances, 40 which could eventually be reimbursed by the development properties as prescribed by the 2008 °11 Infrastructure Improvements Report,, and/or special assessments. These funding sources are outside 42 of the City's general fund and would not contribute to the City's levy. A determination of the exact 43 source of these funds do not need to be made at this time however, it should be noted that by 44 applying for this grant, the City is acknowledging that there will be matching funds available if the 45 grant is awarded. 46 4. 0 STAFF RECOMMENDATION 47 4.1 Staff recommends that the City Council adopt the resolution authorizing the submission of a 48 DEED Redevelopment Grant. (See Attachment B.- Draft Resolution) By applying for this grant, 49 the City is taking a proactive step to leverage outside resources to assist with the redevelopment of the Twin Lakes Project Area. These funds would not need to be expended immediately; the City 1 would have several years to complete the activities. In addition, if the City has difficulty implementing the proposed project, such as an inability to come to terms with property owners on right-of-way acquisition,, at that time, Council could determine that the project is infeasible and return the funds to DEED or look at alternative courses of action. 55 5. 0 REQUESTED COUNCIL ACTION 6 5.1 By resolution, allow the City to submit a grant application to DEED's Redevelopment Grant Program for the acquisition of right-of-way, construction of a segment of Twin Lakes Parkway, Mount Ridge Road and associated utilities, and improvements to the intersection of Cleveland Avenue and Twin Lakes Parkway. Prepared by: Jamie Radel., Economic Development Associate Attachments: A: Map depicting proposed prQject B: Draft Resolution Authorizing Submission of the DEED Grant Application Page 2 of 2