HomeMy WebLinkAbout8A Welcome Industrial Improvement Project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - xxx
ORDERING IMPR O VEMENT PROJECT #12 - 002 , THE WELCOME INDUSTRIAL PARK
IMPROVEMENTS, AND PREPARATION OF PLANS AND SPECIFICATIONS ; FINANCING OF THE
WELCOME INDUSTRIAL PARK IMPROVEMENTS TO BE UNDERTAKEN BY THE CITY AND
ESTABLISHING COMPLIANCE W ITH REIMBURSEMENT BOND REGULATIONS UNDER THE
INTERNAL REVENUE CODE
Motion By: Second By:
WHEREAS, the Prior Lake City Council on its own initiative has determined that it desires to complete the 2013
Public Improvement Project to Welcome Industrial Park ; an d
WH E REAS, on November 13 , 2012; the City Council adopted Resolution 12 - 183 accep ting the Feasibility Report
and calling for a Public Hearing to be held on the Welcome Industrial Park Improvements which
includes sanitary sewer, watermain, storm sewer, agg regate base, concrete curb and gutter,
bituminous surfacing, and appurtenant work ; and
WHEREAS, ten days mailed notice and two weeks published notice of the hearing was given, and the hearing was
held on the 10 day of Decem ber, 2012, at which time all p ersons desiring to be heard were given an
th
opportunity to be heard thereon; and
WHERE A S, since the project was initiated by the City Council it must be approved by 4/5ths vote in accordance with
Minnesota Statutes 429.031 Subdivision 1(f) ; and
NOW THEREFO RE , 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. Such improvement is necessary, cost - effective, and feasible as detailed in the feasibility report.
3. WSB and Associates is hereby designated as the Engineer for these improvements and is authorized to
record engineering expenses in the Construction Fund (# ) .
501 - 48377 - 505
4. The Engineer is hereby authorized to prepare plans and specifications for the improvements delineated
in City Council Resolution 12 - 183 adopted on November 13, 2012 and by the required statutory 4/5ths
vote does hereby order the project.
5. The City Council determines that the proposed acquisition of real property and capita l improvement has
no relationshi p to the comprehensive municipal plan.
6. The City Council authorizes the following preliminary funding sources and corresponding transfers to
the Construction Fund for the project:
Assessments $ 1,000 , 000
Tax Levy $ 170 , 000
Water Fund $ 600 , 000
Water Quality Fu nd $50,000
Trunk Fund $ 341 ,000
Project Total Cost $ 2 , 161 , 000
7. The City has determined to make a declaration of official intent (“Declaration”) to reimburse certain
estimated costs for this project from proceeds of bonds in accordance with the Internal Revenue
Service Reimbursement Regulations (Treasury Reg. 1.150 - 2). As of the date hereof, the City
reasonably expects that $1,3 00,000 is the maximum principal amount of the bonds that will be issued
to finance the project.
8. The City may declare other separ ate statements of reimbursement intent in connection with specific
public improvements projects as they are initiated under Minnesota Statutes Chapters 429 and 444, or
for other capital projects, with the understanding that such additional declarations of reimbursement
intent will supplement this resolution. All reimbursed expenditures will be capital expenditures, costs of
issuance of the bonds, or other expenditures eligible for reimbursement under Section 1.150 - 2(d)(3) of
the Reimbursement Regulations.
9. This Declaration has been made no later than 60 days after payment of any original expenditure to be
subject to a reimbursement allocation with respect to the proceeds of bonds, except for the following
expenditures:
a. costs of issuance of bonds;
b. costs in an amount not in excess of $100,000 or five percent of the proceeds of an issue;
or
c. “preliminary expenditures” up to an amount not in excess of 20 percent of the aggregate
issue price of the issue or issues that are reasonably expected by the City to fina nce the
project for which the preliminary expenditures were incurred. The term “preliminary
expenditures” includes architectural, engineering, surveying, bond issuance, and similar
costs that are incurred prior to commencement of acquisition, construction or rehabilitation
of a project other than land acquisition, site preparation, and similar costs incident to the
commencement of construction.
10. This Declaration is an expression of the reasonable expectations of the City based on the facts and
circumstances known to the City as the date hereof. The anticipated original expenditures for the
Projects and the principal amount of the bonds are consistent with the City’s budgetary and financial
circumstances. No sources other than proceeds of bonds to be issued by the City are, or are
reasonably expected to be reserved, allocated on a long term basis, or otherwise set aside pursuant to
the City’s budget or financial policies to pay such Project expenditures.
11. This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations.
PASSED AND ADOPTED THIS 1 0 DAY OF DECEMBER 201 2 .
TH
YES NO
Myser Myser
Erickson Erickson
Hedberg Hedberg
Keeney Keeney
Soukup Soukup
______________ ________________
Frank Boyles, City Manager
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