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3.0 Summar�of A�plication 3.1 The Twin Lakes proposal includes the construction of the Twin Lakes Parkway. The construction of the Parkway is critical to improving the access to the interior of the 275- acre area and encouraging the market-driven redevelopment of the underutilized parcels. The Parkway will serve as the gateway to Twin Lakes because it will provide direct access to the reconfigured I35W ramp on Cleveland Avenue (see site map). In addition, pathways along the Parkway and through the sites will improve connections between the future office uses, multifamily residences, and Langton Lake. 3.2 The application requests $1 ,000,000 for the following key elements. Twin Lakes Parkway Construction: The requested funds of $1 ,000,000 will help bridge the funding gap for the acquisition, cleanup and construction of Twin Lakes Parkway, landscaping and pathways. According to the City of Roseville Engineering Department, the total cost of the Twin Lakes Parkway is estimated to reach over $10 million and is distributed as follows: Twin Lakes Parkway — ROW Acquisition $6,000,000 Contamination Cleanup of ROW and public land $525,000 Construction of Parkway (includingpavement, curbs, gutters, and median) $1 ,000,000 Utilities (including lighting) $1,310,000 Parkwav Landscapin� and Pathwavs $1,850,000 TOTAL ESTIMATED COSTS: $10,685,000 3.3 Staff anticipates that contamination cleanup can be covered by the BCRLF fund, and there will potentially be revenue from the sale of excess right-of-way land. In addition, the construction of the Twin Lakes Parkway will be funded by e�sting tax increment funds and will be partially recaptured by assessments as parcels redevelop. To date, the City of Roseville has received three funding sources from the US Environmental Protection Agency to assist in the following: Phase I and II site assessments of the Parkway ROW $200,000 Brownfields cleanup revolving loan fund (BCRLF) $500,000 Re�ional moundwater studv of Twin Lakes area $15 0, 0 0 0 TOTAL US EPA SUPPORT TO DATE: $ 8 5 0, 0 0 0 4. 0 Staf f Recommendation 4.1 Staff believes that the application for Twin Lakes will be received fa�orably at this time by the Metropolitan Council for a number of reasons. The Twin Lakes future land use scenario has a substantial housing component and plans for a mixed use, integrated environment that will serve residents and employees well and meet the stated goals of the Metropolitan Council. The Alternative Urban Areawide Review is nearly complete for Twin Lakes. And the US EPA has granted $500,000 in cleanup dollars that may be applied to the Twin Lakes Parkway. The City of Roseville has shown its funders that it is committed to the RCA — Livable Grant Authorization 2001 -Page 2 of 3