City Council Meeting Date: June 4, 2019
To: Mayor and City Council
From: Ben Martig, City Administrator
Title
Consider Resolution Requesting State Capital Investment Bonds for Regional Transit Hub in the City of Northfield.
Body
Action Requested:
Staff recommends a motion to approve Resolution Requesting State Capital Investment Bonds for Regional Transit Hub in the City of Northfield.
Summary Report:
Minnesota's capital budget is primarily funded by issuing state general obligation bonds. Items funded in capital budgets often include land acquisition, repair, renovation and construction of state facilities; acquisition, construction and repair of state parks, trails, interpretive centers, campground facilities, forests, wildlife management areas, dams and flood control structures.
Capital budgets also include grants to local government for projects of regional significance that may include things such as repair and construction of schools, parks, ice arenas, stormwater management facilities, public safety training facilities, bridges and waste-water treatment facilities. Historically, major capital budget bills have been passed in even-numbered years. Attached is a link to current 2019 Governor Recommended projects as well as a link to historical bonding projects if you'd like additional detail for reference.
Minnesota Management & Budget issues instructions for capital budget requests in April of the year preceding its submission to the Legislature. Preliminary submissions of state agency capital budget requests are due in June, with final submissions due in September. The Governor submits a proposed capital budget to the Legislature in January of even-numbered years.
Minnesota Management and Budget has posted application instructions for local units of government and political subdivisions to apply for capital budget grants for the 2020 bonding cycle (see attached hyperlink).
The City of Northfield has two active bills for capital bonding projects ...
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