10/19/2005 Council Packet - Laserfiche WebLink

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• • For example the 363 acre site, based solely on multiple family residential would generate approximately $2,166,282 in charges (the actual number will change based on upland area and commercial area). A credit for on -site surface water management improvements is also provided based on the final design. Transportation Improvements The proposed development will require the installation of streets to service the development as well as improvement to the surrounding county road system. The developer will be responsible for 100% of the cost of all internal street improvements, 100% of the costs of required upgrades to CSAH 21 (20th Avenue) and CSAH 14 (Main St.) that are outside the scope of the Anoka County CSAH 14 project. Additionally, the developer is aware of and proposing to contribute to the necessary upgrades to the CSAH 14/I -35E Interchange. The amount of funding for the interchange from the Hardwood Creek will be dependent on the scope of improvements and an equitable cost distribution formula that will need to be prepared by the City. It should be noted that the improvement of the CSAH 14/I -35E interchange is currently needed to address existing traffic volumes. Regardless of the outcome of the Hardwood Creek development the City will have a share in the cost of the interchange improvements. Possible city funding sources for these improvements include, but are not limited to, Municipal State Aid Funds, Special Assessments, and /or property tax levies. The proposed Hardwood Creek development provides an opportunity to bring in private sector dollars to assist with the funding of the interchange improvements and minimizes the need to impact property taxes. I hope this provides some clarity to the complex issues being discussed regarding the proposed development. Staff has also enclosed for your review a copy of the Market Study prepared by Maxfield Research Inc., and a copy of the application narrative supplied by the Developer. ATTACHMENTS 1. Project Narrative, dated September 7, 2005 2. Market Study, dated August 10, 2005