Review COR Analysis Update

PURPOSE:
The purpose of this case is to review the current status of The COR Analysis Update.

BACKGROUND:
Attached are copies of related agenda cases with attachments from the following meetings;

• EDA meeting - October 13, 2022
• City Council regular meeting - October 25, 2022
• City Council work session - December 13, 2022 

The attached agenda cases and attachments outline all relevant details associated with this case.  Also attached is the current draft of The COR Analysis Update, dated February 14, 2023.  City staff will provide a summary of the information included in the attached COR Analysis Update during the meeting, and will be available to respond to questions.  

On February 21st staff presented this information to the Public Works Committee, who had several comments and questions as follows;

• The Committee asked for information on available TIF funding including how much TIF funding is available, what the deadline is for spending these TIF funds, which proposed infrastructure improvements are TIF eligible, and whether preparation of plans and specifications are TIF eligible. Staff is working to provide responses to these questions. 
• The Committee asked if Contractors are free to work on The Waterfront grading/dewatering in 2023. Staff said they look into this and at the time this case was published Staff had verified that several Contractors have the capacity to complete this work in 2023.
• The Committee asked whether wetland mitigation work could be completed in 2023. Staff said they would look into this and at the time this case was published had not yet been able to verify whether wetland mitigation work could be completed in 2023.
• The Committee asked for more electronic bookmarks in The COR Analysis Update Table of Contents to make the report easier to navigate.
• The Committee identified the following priorities;
  • The Waterfront grading and filling of COR properties
  • Reconstructing Zeolite Street
  • Realigning Center Street, and
  • Constructing Ramsey parkway, particularly the west end.
• The Committee felt the extension of Veterans Drive and the construction of Peridot Street are not a high priority at this time. 

Staff will elaborate on this information during the February 28th work session.  

Attached to this case is the reimbursement policy for TIF 14 as approved in 2014.

Staff anticipates up to 45 minutes will be necessary to present this case and respond to questions. 

N/A

To be determined based on City Council discussion and direction.  

Staff has no recommendations to offer at this time.

No action is required or requested at this time.