HomeMy WebLinkAbout08-098 Street Recon Plan and GO Bond Intent
/s'"__~.L~_~,-
// ~. PRI6'~
/ O"~ \
/ t \(" \ 4646 Dakota Street S.E.
i..... ,';l;-!
\u /~/ Prior Lake, MN 55372~l!~~_~_ __~__-".._~_~__.___~_...~_
\ / I
" ""I!!!!!!!!/// / RESOLUTION 08-098
~NNE'SO't~/
------
A RESOLUTION ADOPTING THE STREET RECONSTRUCTION PLAN AND THE INTENT TO ISSUE
GENERAL OBLIGATION STREET RECONSTRUCTION BONDS
Motion By: Millar
Second By: Hedberg
WHEREAS, The following table identifies the Street Reconstruction Plan financing elements:
Year Improvement Total City Cost Estimated
Bondina
2009 Brooksville Hills Phase 2 $2,100,000 $700,000
2009 CR 21/Arcadia Desiqn & ROW $500,000 $500,000
2009 CR 21/Main Study $75,000 $0
2009 CR 21/Fountain Hills Desiqn $50,000 $50,000
2009 CR 42/McKenna Desian $50,000 $50,000
2010 CR 12 Reconstruction $4,175,000 $1,275,000
2010 CR 21 Extension $1,075,000 $175,000
2010 CR 42/McKenna Intersection $250,000 $250,000
2011 CR 21/Arcadia Intersection $1,550,000 $1,250,000
2011 CR 21/Fountain Hills Int. $250,000 $250,000
2012 Industrial Park Recon $1,950,000 $900,000
2012 TH13/Main Ave Intersection $1,675,000 $1,025,000
2013 Shady Beach Phase 1 $2,075,000 $1,100,000
2013 Downtown South $1,975,000 $800,000
Total $17,750,000.00 $8,325,000.00
WHEREAS, Issuing general obligation bonds is another mechanism to fund street reconstruction
projects. Adopting a Street Reconstruction Plan with the intent to issue general
obligation street reconstruction bonds does not require the City to utilize this
mechanism; and
WHEREAS, The total estimated general obligation bonds for the 5 year program is $3,550,000; and
WHEREAS, Street reconstruction is necessary to provide residents the opportunity of safe travel
while commuting throughout the City.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council authorizes the adoption of the Street Reconstruction Plan with the intent to issue
general obligation street reconstruction bonds.
PASSED AND ADOPTED THIS ih DAY OF JULY 2008.
Hau en
Hedber
Erickson
LeMair
Millar
NO
Hau en
Hedber
Erickson
LeMair
Millar
www.cityofpriorlake.c~nk Boyles C'
, ., ~" \~- . T' U " Phone 9~2.447.g800 I Fax 952.447.4245
iJhCGUI,CIL",cSOLU, ,\:;\;08\08-098 street rU9con ,-'Ian and Go Sond Inlent.doc