HomeMy WebLinkAbout11-099 Street Reconstruction Intent to Issue GO Bonds
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 1 - 099
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
Bonds Bonding
20 1 2 Industrial Park $90 0,000 $0 $8 00,000
20 1 2 Boudin, Timothy, Denese, Lois, $2,000 ,000 $ 0 $1,600 ,000
Natalie
2012 Fish Point Road $350,000 $ 0 $0
20 12 CR 21/Arcadia Intersection $3,050 ,000 $ 1,000,00 0 $ 1,000,00 0
2013 Main Ave/Ridgemont $1,875,000 $1,100,000 $1,100,000
2013 Carriage Hills Resurf acing $350,000 $300,000 $300,000
20 1 3 CR21/Fountain Hills Signal $300,000 $100,000 $ 100,00 0
201 3 C R 12 Phase IV $1,950,000 $0 $520,000
2013 Sunset Avenue and Lift Station $1,636,287 $0 $1,236,287
2014 Grainwood $960,000 $0 $750,000
201 4 Franklin Trail Resurfacing $5 00,000 $300,000 $ 300,00 0
201 4 Eau Claire /Highland/ $2,50 0,000 $0 $2, 05 0,000
Marsh/Skyline
2015 TH 13/150 Street $1,560,000 $650,000 $ 650,00 0
th
2015 Wagon Bridge Crossing $500,000 $500,000 $ 500,00 0
2015 Duluth Avenue / TH 13 Signal $150,000 $50,000 $ 50,00 0
201 5 Mushtown/Maple/Panama $1,475 ,000 $ 0 $1,300 ,000
201 5 CR 83 Coop Agreement $57,000 $57,000 $57,00 0
2016 Maplewood $410,000 $0 $300,000
2016 Albany $220,000 $0 $160,000
2016 Credit River Road $1,820,000 $0 $1,200,000
2016 CR 21/Main/Pleasant $3,000,000 $1,500,000 $ 1,500,00 0
Total $25,563,287 $5,557 ,000 $15,473 , 287
;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 requ ire the City to utilize this mechanism; and
WHEREAS, The total estimated general obligation street reconstruction bonds for the 5 - year program is
$5,557 ,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 RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council authorizes the adoption of the S treet Recon struction Plan with the intent to issue
general obligation street reconstruction bonds
PASSED AND ADOPTED THIS 15th DAY OF AUGUST 201 1 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager
2