Sponsor: Community & Economic Development
Title
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Allocation of Funding for the Park at RiversEdge
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Recommendation
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Authorize the County Manager to transfer up to $1.8 million of interest earnings to complete an acquisition, predesign, and design project for the Park at RiversEdge.
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Background and Rationale
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On December 12, 2023, the Ramsey County Board authorized the grant agreement with Metropolitan Council to accept $6.22 million in state bonds and the $8 million acquisition, predesign, and design project the bonds will pay for. A requirement to access the funds is demonstration that the project is fully funded, and the requested action today will satisfy that requirement.
Ramsey County has the legal authority to apply for financial assistance, and the institutional, administrative, and managerial capability to ensure adequate acquisition, construction, maintenance, and protection of the project described as the Park at RiversEdge.
Ramsey County pledges to complete this phase if it exceeds the total funding provided by the proposed $6.22 million grant from the state of Minnesota. Ramsey County has the financial capability to provide the required matching funds and the source of the county’s matching funds shall be interest earnings and will not include other state funding sources.
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County Goals (Check those advanced by Action)
☐ Well-being ☒ Prosperity ☐ Opportunity ☐ Accountability
Racial Equity Impact
This action has limited impact on racial equity in service delivery, but it does pave the way for future development of both the public realm and eventual private vertical towers that will be measured against the Equitable Development Framework. A future development agreement for Ramsey County Riverfront Properties will impact wages, contracting and workforce inclusion goals, and access to affordable housing. Construction projects resulting from a future development agreement will include goals conforming with the county’s adoption of the state of Minnesota’s workforce inclusion and contracting goals.
Community Participation Level and Impact
The level of community participation for this specific action is to inform pursuant to a prior county board action committing the funds to the project. The overarching project for which this request is a part has been informed by years of engagement and community participation will continue to inform the project.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
To fund the required match and access the state bonds allocated for the Park at RiversEdge, this request is for the Ramsey County Board to appropriate up to $1.8 million of interest earnings to the project. This project will be accounted for in an existing RiversEdge project account. Interest earnings available in CIP Bond Interest total $3,493,103. Following approval of this action, available interest will be $1,693,103.
Last Previous Action
On December 12, 2023, the Ramsey County Board ratified the $8 million acquisition, predesign, and design project and approved a grant agreement with the Metropolitan Council for the Park at RiversEdge (Resolution B2023-231).
Attachments
None.