City Council Meeting Date: January 21, 2025
To: Mayor and City Council
City Administrator
From: David E. Bennett, Public Works Director/City Engineer
Sean M. Simonson, Engineering Manager
Title
Consider Resolution Adopting the Street Reconstruction and Overlay Plan (SROP) and Issuance of Street Reconstruction and Overlay Bonds.
Body
Action Requested:
The Northfield City Council approves Adopting the Street Reconstruction and Overlay Plan and Issuance of Street Reconstruction and Overlay Bonds.
*Requires 2/3 majority of those present.
Summary Report:
The City will hold a public hearing on the adoption of a street reconstruction and overlay plan and set the general obligation bond principal amount not to exceed $2,725,000.
The City’s 5-Year Street Reconstruction and Overlay Plan is attached. Ehlers Financial Advisors has prepared the plan for the City. The plan identifies the streets proposed for improvements from 2025-2029.
Upon closing of the hearing, Council will weigh any information from the hearing before considering a resolution to adopt the plan and authorize the bonding amount for 2025. The maximum amount for the bond is $2,725,000.00. This includes the 2025 Reclamation and Overlay Project.
Alternative Options:
This is the recommended option to continue to move the 2025 projects forward.
Financial Impacts:
Once bids are received for the project, bonds will be issued based on adjusted amounts after the bid.
Tentative Timelines:
Sale of bonds will occur in the summer of 2025.