Agenda Packets - 1988/04/11 - Laserfiche WebLink

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`1 Clerk -Administrator and City Council Page Three April 6, 1998 This node would tie into the other two areas of commercial activity along Highway 10. An extansion of Knollwood Drive using the Sherwoo' Road option would create the proper environment for this commercial node. The street extension along Sherwood Road would provide a buffer between the single family residences to the north and the southern commercial establishments along Highway 10. In addition, this would target out an area for those commercial activities. Currently Mounds View is faced with the problem that frontage lots along Highway 10 are extremely shallow. By creating this division between the two areas, it has the potential of creating larger spaces for the commercial establishments to settle. A possible scenario for this area is to have commercial clusters along Highway 10 with perhaps some multi -family units to the north creating a buffer and then some single family units north from the Sherwood Road extension. This concept would also work for the extension through to Spring Lake Road but would not be easily facilitated with creation of a cul-de-sac at the end of Knollwood Drive. Staff has looked into the option of obtaininq a utility easement on the 8100 property. The easement would have to be approxi- mately 44 feet. As the lot is 79.5 feet wade, the easement and ti side setback would allow a home with a width of 25' or 30' with an attached garage. This would severely limit the buildability of this lot. The purchase of 8100 Groveland Road at this tame is opportune because it is a vacant lot. In the future, loLs that would facilitate the extension of Knollwood Drive would be built upon and, therefore, cost the City more. Because of the unknown aspects of this future development, the City must find a viable financing mechanism for purchase of the lot. Staff has reviewed this issue with two possible financing mc;hanisms: I. Use of the Silver Lake Woods project fund (current balance - $394,726). This fund was obtained through the development of the Rilver i.alra wnneia/Mary ani—o .. project. The City Attorney has informed City Staff that these funds can be used for the purchase or maintenance of street activities. Staff feels this would be an appropriate expenditure from this account. 2. Interfund loan from the Water Fund (current balance $1.8 million). The City policy has been that loans can be made from various City funds. The policy is that the loan would be made with and 11% interest rate and pay -back.