City Council Meeting Date: February 4, 2020
To: Mayor and City Council
From: Brenda Angelstad, Finance Director
David E. Bennett, Public Works Director/City Engineer
Title
Public Hearing on the adoption of a Street Reconstruction Plan and Issuance of Street Reconstruction Bonds up to $1,500,000 to finance the Trunk Highway 246 and Jefferson Parkway Intersection Reconstruction project.
Body
Action Requested:
The Northfield City Council holds a public hearing on the adoption of a Street Reconstruction Plan and Issuance of Street Reconstruction Bonds.
Summary Report:
On January 7, 2020, Council set the public hearing for approving a street reconstruction plan and intent to issue general obligation street reconstruction bonds. The hearing was noticed in the Northfield news on January 15, 2020. The recommended action tonight is to set in place the proposed financing for the Jefferson Parkway and Trunk Highway 246 Roundabout improvement project. The General Obligation Street Reconstruction Bond is another way for the City to finance street improvement projects that do not have assessments.
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.
The proposed action tonight will provide approval to issue bonds up to a maximum principal amount of $1,500,000. With this approval there is a 30-day reverse referendum process that ends March 5, 2020.
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 ...
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