Adopt Resolution #22-055 Rescinding and Replacing Resolution #22-008 Approving Development Agreement for Riverstone South

Purpose
The purpose of this case is to adopt Resolution #22-055 rescinding and replacing Resolution #22-008 approving Development Agreement for Riverstone South.
 
Background:
Improvement Project #20-05 proposes to extend Riverdale Drive between Llama Street and Bowers Drive to extend the frontage road system south of U.S. Highway 10/169 from Llama Street to Bowers Drive.  This project is consistent with the goals and objectives of the Highway 10 Access Planning Study completed in 2014 in partnership between the Minnesota Department of Transportation (MnDOT) and the Anoka County Highway Department, and broadly supported by partnering agencies including the City of Anoka, City of Ramsey, Anoka County, MnDOT, and the Metropolitan Council.
 
Extending Riverdale Drive between Llama Street and Bowers Drive will benefit abutting undeveloped properties by providing access and utilities to serve these properties upon development.
 
Pursuant to Resolution #21-185 adopted October 26, 2021, the City Council approved the cost share framework assigning costs for the Riverdale Drive extension to benefiting properties, which includes several properties owned by various members of the Pearson family comprising three distinct ownership entities generally located north and west of the Riverstone South plat.
 
City Staff prepared three Assessment Agreements, one for each distinct ownership entity, which were reviewed and approved as to form by the City Attorney.  The three Assessment Agreements are currently being reviewed by the three ownership entities and their attorneys.  According to the real estate representative for the three ownership entities, the assessment agreements are anticipated to be signed and returned to the City for execution by March 14, 2022.  Copies of the three draft Assessment Agreements are attached to this case. 

Since the three Assessment Agreements are still being reviewed by the Pearson ownership entities and their attorneys and are anticipated to be signed and returned to the City for execution by March 14, 2022, and since the Riverstone South developer wishes to record their Development Agreement and Final Plat on February 25, 2022 to allow tree clearing to commence during the first week of March to help prevent Oak wilt, Staff recommends awarding a construction contract for Improvement Project #22-05 to the lowest responsible bidder with the condition that the three Assessment Agreements be executed in advance upon receiving City Attorney final approval as to legal form, which will sufficiently limit any risk to the City. This requires removing condition #6 from adopted Resolution #20-008 (attached), which is reflected in Resolution #22-055 that will replace Resolution #22-008.       

Notifications are not required for this case.     
 

Observations:
Staff does not anticipate receiving requests from any of the three ownership entities for significant revisions to the Assessment Agreements. 
 
Alternatives:
Alternative #1 – Adopt Resolution #22-055 rescinding and replacing Resolution #22-008 approving Development Agreement for Riverstone South.    

Staff recommends approving Alternative #1.   
 

Adopt Resolution #22-055 rescinding and replacing Resolution #22-008 approving Development Agreement for Riverstone South.