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File #: Res. 2021-007    Version: 1 Name:
Type: Resolution Status: Passed
File created: 12/21/2020 In control: City Council
On agenda: 1/19/2021 Final action: 1/19/2021
Title: Consider Resolution Calling for Public Hearing on Adoption of Street Reconstruction Plan and Issuance of Street Reconstruction Bonds.
Attachments: 1. 1 - Northfield Final-#696585-v2-Northfield_GO_2021A_RESOLUTION_CALLING_FOR_HEARING, 2. 2 - Background on 2021-2025 Street Reconstruction Plan, 3. 3 - 2021-2025 CIP Final 201120, 4. 4 - 2021-2025_CIP_Street Improvement Map, 5. 5 - 2021-2025 Street Reconstruction Plan Presentation
City Council Meeting Date: January 19, 2021

To: Mayor and City Council
City Administrator

From: David E. Bennett, Public Works Director/City Engineer

Title
Consider Resolution Calling for Public Hearing on Adoption of Street Reconstruction Plan and Issuance of Street Reconstruction Bonds.

Body
Action Requested:
The Northfield City Council approved Resolution 2021-XXX Calling for Public Hearing on Adoption of Street Reconstruction Plan and Issuance of Street Reconstruction Bonds

Summary Report:
In December 2020, Council adopted Gas/Electric Franchise Fees as an offset in revenue that would typically be received through assessments to fund street improvement project. With that action, the City is moving away from Minnesota Statute Chapter 429 Street Improvement projects with assessments.

Another financing tool available to local governments is through Minnesota Statute 475.58 Street Reconstruction and Overlays. Under this process, the City will hold a public hearing on the adoption of a street reconstruction plan and set the general obligation bond principal amount not to exceed.

Background on the City's, 5-Year Street Reconstruction Plan is attached. The Plan is being created by Ehlers Financial Advisors. The plan identifies the streets proposed for improvements from 2021-2025. The proposed public hearing date is February 16, 2021.

The resolution is authorizing the bonding amount for 2021 not the other years in the plan. The maximum amount for the bond is $4,150,000.00. This includes the 2021 Reclamation and Overlay Project and Fifth Street Bridge Improvements.

Staff is intending a presentation and discussion at a future council meeting explain the new processes for reviewing and approving plans from the past to the future.

Alternative Options:
This is the recommended option to continue to move the 2021 projects forward.

Financial Impacts:
Once bids are received for the project, bonds will be issued based on adjusted amounts after th...

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