05/01/2006 Council Packet - Laserfiche WebLink

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• • 411 Total Identified Funding $7,000,000 PROJECT STATUS Project Funding The City originally included approximately $2.5 million in the Legacy at Woods Edge Financing plan for "interim" improvements to Lake Drive. This funding is provided from the Legacy at Woods Edge Tax Increment Financing (TIF) District, Marshan Industrial Park TIF, land sale proceeds from the Fairview Clinic property, and a previous residential development contribution. In addition the City was successful in receiving $400,000 from Mn /DOT's Municipal Agreement program. At the same time the City has been actively pursuing funding for the ultimate interchange project. The City submitted an application to obtain federal funding for the improvements from the state's Surface Transportation Program (STP). This funding becomes available in 2009. This application was unsuccessful. The City has also submitted legislation for state participation in the project. At this time is does not appear that will be successful either. However, Anoka County, recognizing the benefits of the City's involvement, has proposed to commit $3.7 million to the project for construction in 2007. The City has also submitted a High Priority Project application to Congressman Kennedy for consideration in this years federal appropriations bill. Additionally, Mn /DOT staff is working aggressively to identify any additional dollars available through the state. We have now reached a critical point in terms of which project we proceed with. Final design is nearly complete for both the interim and ultimate designs. However, Mn /DOT has noted several issues with the interim design that may require a further modification and /or granting of variances from the State Aid requirements. This is primarily due to matching the four lane Lake Drive back into the existing two lane bridge. In general Mn /DOT, Anoka County and City staff are in agreement that the interim improvements, while an improvement over existing conditions, are less than desirable. Additionally, our existing cooperative agreement dollars from Mn /DOT expire at the end of State Fiscal year 2007 (July 1, 2007. The latest interchange cost is estimated at approximately $9.1 million dollars. Our existing proposed funding sources are as follows: Lino Lakes $2,500,000 Anoka County $3,700,000 Mn /DOT Coop Agreement $ 400,000 Mn /DOT In Kind Contract Administration $ 400,000