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File #: Res. 2020-007    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/14/2019 In control: City Council
On agenda: 1/7/2020 Final action: 1/7/2020
Title: Consider Resolution Calling for Public Hearing on the Intention to Issue General Obligation Street Reconstruction Bonds and the Proposal to Adopt a 5-year Street Reconstruction Plan therefore.
Attachments: 1. 1 - Northfield 2020_ Resolution Calling for public hearing (v2), 2. 2 - 2020 Bonding Schedule

City Council Meeting Date:                     January 7, 2020

 

To:                                          Mayor and City Council

                                          

From:                                          Brenda Angelstad, Finance Director

                                          David E. Bennett, Public Works Director/City Engineer

 

 

Title

Consider Resolution Calling for Public Hearing on the Intention to Issue General Obligation Street Reconstruction Bonds and the Proposal to Adopt a 5-year Street Reconstruction Plan therefore.

 

Body

Action Requested:                     

The Northfield City Council approves the attached Resolution Calling for a Public Hearing on the Intention to Issue General Obligation Street Reconstruction Bonds and the Proposal to Adopt a 5-year Street Reconstruction Plan therefore.

Summary Report:

The recommended resolution will set a hearing to present financing of the Jefferson Parkway and Trunk Highway 246 Roundabout improvement project.  The General Obligation Street Reconstruction Bonds is another way for the City to finance street improvement projects that do not have assessments.

 

This action will call for the public hearing on February 4, 2020.  At the hearing, the staff will discuss a financing plan for the proposed project.

 

Currently, within the 2020-2024 Capital Improvement Plan the Roundabout is the only project proposed to use this financing method.  In 2024, Wall Street Road (County 79) may also need to use this financing method.  As we move closer to 2024, the financing plan for that project will be determined.

 

Alternative Options:

None recommended.

 

Financial Impacts:                     

The project cost has increased since feasibility stage as final plans are nearing completion.  The project cost increases can be attributed to poor soils discovered, soil corrections, earthwork related to raising of roundabout to keep pedestrian underpasses from flooding, and utility costs related to storm sewer and water main.

 

The costs related to utility work are proposed to be funded from the Water Fund and Storm Water Fund.  Other costs increased will be funded with State Aid.

 

 

 

Funding at Feasibility Report

FEASIBILITY FUNDING

FUNDING SOURCE

ESTIMATED FUNDING

Bonding

$1,441,520

LRIP Grant

$900,000

LPP Grant

$483,480

State Aid

$500,000

TOTAL FUNDING

$3,325,000

 

Funding at Final Plans

 

Tentative Timelines:                     

The proposed schedule is attached.