HomeMy WebLinkAbout10-058 CIP Street Reconstruction Plan
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 10-058
A RESOLUTION ADOPTING THE STREET RECONSTRUCTION PLAN AND THE INTENT TO ISSUE
GENERAL OBLIGATION STREET RECONSTRUCTION BONDS
Motion By:
Hedberg
Second By: Keeney
WHEREAS, The following table identifies the Street Reconstruction Plan financing elements:
Year Improvement Total City Estimated Estimated
Cost Reconstruction Total Bonding
Bonds
2011 Boudins/Rutgers Area Phase 1 $1,950,000 $0 $1,400,000
2011 CR 21/Arcadia Intersection $2,675,000 $910,000 $910,000
2012 Industrial Park $900,000 $0 $800,000
2012 Boudins/RutQers Area Phase 2 $2,180,000 $0 $1,630,000
2012 CR21/Fountain Hills SiQnal $300,000 $100,000 $100,000
2013 Main Ave/RidQemont $1,875,000 $1,100,000 $1,100,000
2013 Martindale/CarriaQe Hills Resurf. $350,000 $300,000 $300,000
2013 Mushtown/Panama/Maple $1,475,000 $0 $1,300,000
2014 Franklin Trail ResurfacinQ $400,000 $300,000 $300,000
2014 Eau Claire /Highland/ $3,320,000 $0 $2,670,000
Marsh/Skyline
2015 CR 21/Main/Pleasant $3,000,000 $1,455,000 $1,455,000
2015 CR 83 CooP AQreement $57,000 $57,000 $57,000
Total $18,482,000 $4,222,000 $12,022,000
;and
WHEREAS, Issuing general obligation bonds is one 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 street reconstruction bonds for the 5-year program
is $4,222,000; 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:
M\COUNCIL\Resolutions\201 0\1 0-058 CIP street reconstructiol1.doc
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 21st DAY OF JUNE, 2010.
Myser x Myser
Erickson x Erickson
Hedbera x Hedbera
Keeney x Keenev
Millar x Millar
YES NO
M\COUNCIL\Resolutions\2010\10-058 CIP street reconstruction. doc 2