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HomeMy WebLinkAbout5P Approve 2014-2018 and Street Recon Plan O� P ���P � � v � 4646 Dakota Street SE Prior Lake_ MN 55372 �INNES�� CITY COUNCIL AGENDA REPORT MEETING DATE: AUGUST 26, 2013 AGENDA #: 5P PREPARED BY: LARRY POPPLER, CITY ENGINEER / INSPECTIONS DIRECTOR KATY GEHLER, PUBLIC WORKS/NATURAL RESOURCES DIRECTOR JERILYN ERICKSON, FINANCE DIRECTOR PRESENTED BY: LARRY POPPLER, KATY GEHLER AGENDA ITEM: CONSIDER APPROVAL OF TWO RESOLUTIONS RELATING TO THE CAPITAL IMPROVEMENT PROGRAM (CIP): 1) APPROVING THE 2014-2018 CAPITAL IMPROVEMENT PROGRAM; 2) APPROVING THE STREET RECONSTRUCTION PLAN DISCUSSION: Introduction The purpose of this agenda item is to request City Council approval of two resolu- tions. The first approves the 2014-2018 Capital Improvement Program. The second approves the Street Reconstruction Plan as part of the City Transportation Plan. Histo A public hearing was held on August 12, 2013 for purposes of reviewing the 2014- 2018 CIP and the Street Reconstruction Plan. No members of the public attended the public hearing. Nonetheless, the City Council had considerable discussion re- garding the priorities, meaning and intent of the CIP as indicated in the August 12, 2013 city council minutes. The Council did not recommend any changes to be made to the 2014-2018 CIP or Street Reconstruction Plan. Current Circumstances Copies of the August 12, 2013 agenda report and corresponding CIP attachments have been included with this agenda report for your reference. Conclusion If appropriate the 2014-2018 CIP and Street Reconstruction Plan as proposed can be approved as part of the consent agenda. ISSUES: Following Council approval of the Capital Improvement Program, Engineering staff will prepare a feasibility report (if applicable) for those projects identified for next year. Adequate lead time is important for surveying, right-of-way acquisition and engineering to obtain the best possible bids, which has generally occurred when the City is able to put projects out for bid early in the year. Subsequent years in the CIP are important from a planning perspective. Our objec- tive in preparing the CIP has been to balance the tax impacts from year to year while addressing infrastructure needs. By approving the Street Reconstruction Plan as part of the Transportation Plan the City Council will be able to issue Street Reconstruction bonds for these projects should it desire. It should be noted that if within 30 days of the Public Hearing a petition signed by at least 5% of the votes cast in the last municipal election is re- ceived the City may only issue Street Reconstruction Bonds after approval of a ref- erendum in accordance with State Statute. This does not affect the issuance of 429 Bonds for reconstruction projects. FINANCIAL The financial impacts of the 2014-2018 CIP and Street Reconstruction Plan were IMPACT: presented to the Council during council workshops as well as the public hearing presentation. Approval of the CIP and Street Reconstruction Plan does not constitute final project approval. All of the projects included in the CIP will come before the City Council several times prior to final approval. All future bonding decisions are approved by the City Council, as well. ALTERNATIVES: The following alternatives are available to the City Council: 1. Approve a resolution approving the 2014-2018 CIP as part of the consent agenda. 2. Approve a resolution approving the Street Reconstruction Plan as part of the consent agenda. 3. Table the Resolution(s) for a specific reason. 4. Deny the Resolution(s) and provide staff with additional direction. RECOMMENDED Alternatives #1 and 2 MOTION: REPORTS 1. August 12, 2013 Agenda Report and 2014-2018 CIP Documents ATTACHED 2 O � P Wp� ti � U tr� 4646 Dakota Street SE '�INx�so'��' Prior Lake, MN 55372 RESOLUTION 13-xxx A RESOLUTION APPROVING THE 2014-2018 CAPITAL IMPROVEMENT PROGRAM Motion By: Second By: WHEREAS, The purpose of the Capital Improvement Program (CIP) is to protect the infrastructure of the City of Prior Lake by establishing a replacement plan for existing infrastructure and by identifying those improvements necessary to accommodate the growth of the community; and WHEREAS, The CIP is a flexible planning document that attempts to balance the financial resources of the City with its needs; and WHEREAS, It is intended for the CIP to be established for a period of five (5) years and to be updated annually; and WHEREAS, On August 12, 2013, the City Council of Prior Lake conducted a Public Hearing on the 2014-2018 CIP and offered opportunity for public testimony on the capital spending priorities of the City Council; and WHEREAS, The City reasonably expects to reimburse the expenditures made for certain costs of the projects included in the CIP from the proceeds of bonds. 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 has determined to make a declaration of official intent ("Declaration") to reimburse certain estimated costs for projects included in the CIP from proceeds of bonds in accordance with the Internal Revenue Service Reimbursement Regulations (Treasury Reg. 1.150-2). 3. The 2014-2018 Capital Improvement Program is hereby approved. 4. The City may declare other separate 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 adtlitional 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. 5. 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 a. "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 finance 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. 6. 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 reservetl, allocated on a long term basis, or otherwise set aside pursuant to the City's budget or financial policies to pay such Project expenditures. 7. This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the Reimbursement Regulations. PASSED AND ADOPTED THIS 26th DAY OF AUGUST 2013. YES NO Hedber Hedber Keene Keene McGuire McGuire Morton Morton Souku Souku � Frank Boyles, City Manager 2 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: August 26, 2013 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior Lake, Minnesota, was duly called and held at the City Hall in Prior Lake, Minnesota, on August 26, 2013, at 7:00 p.m., for the purpose of adopting a street reconstruction plan and approving the issuance of general obligation street reconstruction plan bonds. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION 13- RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS BE IT RESOLVED by the City Council of the City of Priar Lake, Minnesota (the "City"), as follows: WHEREAS, pursuant to Minnesota Statutes, Section 475.58, subd. 3b (the "Street Reconstruction Act"), the City has prepared a 2014-2018 street reconstruction plan dated August 26, 2013 (the "Street Reconstruction Plan") which sets forth various street reconstruction plan projects to be undertaken in the City within the next five years (the "Street Reconstruction Plan Projects"). The Street Reconstruction Plan recommends the issuance of general obligation �, street reconstruction bonds under the Street Reconstruction Act in the approximate principal amount of $8,157,000 (the "Street Reconstruction Bonds") to finance a portion of the costs of the Street Reconstruction Plan Projects; and WHEREAS, pursuant to the Street Reconstruction Act, the City is authorized to issue and sell obligations for street reconstruction under the circumstances and within the limitations set forth in the Street Reconstruction Act. The Street Reconstruction Act provides that a street reconstruction plan may be financed with bonds issued by the City, following a public hearing and the adoption of such plan, and other proceedings conducted in accordance with the requirements of the Street Reconstruction Act; and WHEREAS, on August 12, 2013 the City Council held a public hearing on the adoption of the Street Reconstruction Plan and the issuance of the Bonds after publication of the notice of public hearing for the Street Reconstruction Plan not less than 10 days nor more than 28 days prior to the date thereof in the City's official newspaper; and WHEREAS, all parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to adopt the Street Reconstruction Plan and to 5648227v1 undertake and finance a portion of the Street Reconstruction Projects with Street Reconstruction Bonds and any written comments submitted prior to the hearing were considered. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. CITY POLICIES AND GOALS. The financing of the Street Reconstruction Project and the issuance of the Bonds will further the policies and goals of the City as set forth in the Street Reconstruction Plan. 2. ADOPTION OF STREET RECONSTRUCTION PLAN Based on information received at the public hearing, such written comments (if any) and such other facts and circumstances as the City Council deems relevant, it is hereby found, determined and declared that: (a) the Street Reconstruction Projects proposed in the Street Reconstruction Plan will allow the City to construct and finance various street reconstruction projects; (b) the Street Reconstruction Plan is hereby approved and adopted in the forms presently on file with the City. 3. AUTHORIZATION OF BONDS. The City hereby gives preliminary approval to the issuance of the Bonds, the proceeds of which will be used, together with additional funds of the City to finance costs of various Street Reconstruction Plan Projects and to pay costs of issuance of the Bonds. The City staff is hereby authorized, in consultation with the City's financial advisor and legal counsel, to take all necessary action to call for the sale of the Bonds and to present proposals to this Council for approval at a subsequent meeting. 4. VOTER REFERENDUM CONTINGENCY. Pursuant to the Street Reconstruction Act, if a petition requesting a vote on the question of issuing the Street Reconstruction Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, is filed within thirty days of the public hearing, the City may issue the Street Reconstruction Bonds only after obtaining the approval of a majority of the voters voting on the question of the issuance of the Street Reconstruction Bonds. The authorizations and approvals contained herein are subject to and contingent upon not receiving such a petition, or, in the event such a petition is filed, the approving vote of a majority of the voters voting on the question of the issuance of the Street Reconstruction Bonds. PASSED AND ADOPTED THIS 26 DAY OF AUGUST 2013 YES NO Hedber Hedber Keene Keene McGuire McGuire Morton Morton Souku Souku Frank Boyles, City Manager 2 sbaszz��i O 4 PR1p N � u �'' 4646 Dakota Street SE Prior Lake_ MN 55372 `�f�so`� CITY COUNCIL AGENDA REPORT MEETING DATE: AUGUST 12, 2013 AGENDA #: 8D PREPARED BY: LARRY POPPLER, CITY ENGINEER / INSPECTIONS DIRECTOR KATY GEHLER, PUBLIC WORKS/NATURAL RESOURCES DIRECTOR JERILYN ERICKSON, FINANCE DIRECTOR PRESENTED BY: LARRY POPPLER, KATY GEHLER, JERILYN ERICKSON AGENDA ITEM: CONDUCT A PUBLIC HEARING TO CONSIDER THE 2014-2018 CAPITAL IM- PROVEMENT PROGRAM (CIP) AND STREET RECONSTRUCTION PLAN DISCUSSION: Introduction The purpose of this agenda item is for the City Council to conduct a public hearing on the proposed projects within the 2014-2018 Capital Improvement Program (CIP) and Street Reconstruction Plan. Because the Street Reconstruction Plan proposes to utilize bonds issued under State Statute 475.58 for street reconstruction, a public hearing for purposes of reviewing the street reconstruction plan is required. For the purposes of this agenda item and the public hearing the CIP inctudes the Street . Reconstruction Plans as a part of the overall City Transportation Plan. Histo The Capital Improvement Program is the city's singular most important long term financial planning tool. The CIP is updated on an annual basis. The CIP is designed to identify infrastructure improvements and the associated funding sources needed due to ongoing maintenance, repair and community growth. Such projects include City-initiated improvements, county and state road improvements and improve- ments requested by developers. The following long-term planning documents are also part of the CIP: • Transportation Plan (2014-2023) — identifies the major roadway improvements involving both new and reconstruction projects that need to be coordinated with Scott County. • Equipment Replacement Plan (2014-2025) - identifies the City's vehicle and equipment needs and establishes a regular replacement schedule. • Park Equipment Replacement Plan (2014-2038) — identifies the equipment replacement demands for 46 neighborhood parks. • Technology Plan (2014-2021) — identifies hardware and software needs and establishes a regular replacement schedule. • Facilities Management Plan (2014-2037) — identifies major repairs or im- provements to all City-owned buildings. In addition, staff prepares long-term planning documents for the Water Fund, Sew- er Fund and Water Quality Fund to review reserve levels and utility rates. These operating plans are not included in the CIP. The 2014-2018 CIP ($51.3 million) is larger in scope than the 2013-2017 CIP ($42.5 million). This is primarily due to changes in the Transportation Plan but also due to the fact that projects are contained in the new plan that were not contem- plated in last year's plan (Arcadia and Stemmer extension for example). The 2014- 2018 CIP only reflects the City's financial share of other governmental agency pro- jects. A draft copy of the 2014-2018 Capital Improvement Program was distributed for your review in conjunction with the July 8, 22 and 29, 2013 Council workshops. Staff provided a detailed overview of the 2014 projects and highlights for the major projects scheduled for 2015-2018 previously at city council workshops. The impact of the bonds that would be required to support the10-year transportation plan in- cluding street reconstruction was graphically shown from an annual debt levy per- spective as well. The impacts on the tax levy, Municipa� State Aid and utility rates were also shown. On August 5, 2013, the Planning Commission reviewed the proposed CIP and adopted a resolution finding that the capital improvements identified in the 2014- 2018 Capital Improvement Program were in compliance with the Comprehensive Plan. A copy of the resolution is attached with this agenda report. Current Circumstances A public hearing is being held today for the purpose of receiving public input on the . 2014-2018 CIP. • It is important for the Council to recognize that the CIP is a flexible planning tool that is affected by the actions of a number of governmental agencies (State, County and Shakopee Mdewakanton Sioux Community). The projects that are reflected in year 2014 of the 2014-2018 CIP will be incorporated into the 2014 budget. The improvements that are funded in full or partially by tax levies have a direct im- pact on the level of property taxes payable in future years. Bond proceeds are uti- lized to cashflow the project and debt levies are adopted to repay the debt service. Actions by the school district and the county will also influence the level of taxes through their annual levies and periodic referenda and bond issues. Conclusion The City Council should hear the staff report regarding the CIP. Following Council questions to staff, the public hearing should be opened by motion and second and remain so until all persons desiring to be heard have spoken. The public hearing should be closed by motion and second, questions raised by the audience should be answered. The Council should then deliberate and then dire�t staff to prepare a resolution approving the 2014-2018 CIP and Street Reconstruction Plan as pre- sented or with any recommended changes. If appropriate the 2014-2018 CIP and Street Reconstruction Plan as proposed can be approved. ISSUES: An e-mail was submitted by resident David Herington requesting that the city coun- cil consider adding the floating boardwalk once contemplated at White Tail Island in 2 the Deerfield area. Mr. Herington may be present at the hearing to address the councii. Following Council approval of the Capital Improvement Program, Engineering staff will prepare a feasibility report (if applicable) for those projects identified for next year. Adequate lead time is important for surveying, right-of-way acquisition and engineering to obtain the best possible bids, which has generally occurred when the City is able to put projects out for bid early in the year. Subsequent years in the CIP are important from a planning perspective. Our objec- tive in preparing the CIP has been to balance the tax impacts from year to year while addressing infrastructure needs. By approving the Street Reconstruction Plan as part of the Transportation Plan the City Council wilt be able to issue Street Reconstruction bonds for these projects should it desire. It should be noted that if within 30 days of the Public Hearing a petition signed by at least 5% of the votes cast in the last municipal election is re- ceived the City may only issue Street Reconstruction Bonds after approval of a ref- erendum in accordance with State Statute. This does not affect the issuance of 429 Bonds for reconstruction projects. I FINANCIAL In reviewing the draft 2014-2018 Capital Improvement Program, the Council should IMPACT: consider the annual tax impact of the scheduled projects. The major projects proposed for 2014 involving a propertjr tax levy (payable 2015) are listed below: Pro'ect Descri tion Pro'ect Le CSAH 44 (Fish Point Road to City Limits) $ 100,000 Crest Avenue Rehabilitation 1,450,000 Mushtown / Maple / Panama 500,000 Maplewood 200,000 Carria e Hills Rehabilitation CR21 to Pike LakeO 700,000 Total $ 2, 950, 000 The 2014-2018 CIP includes projects that are funded by bond proceeds. Bonds are issued for the project costs that the City is funding through tax levies as well as the costs that are specially assessed to property owners. The CIP anticipates $26,302,000 in bonding for projects in the Transportation Plan for 2014-2018, $300,000 for major facility repairs in 2014 and $580,000 for equipment replacement in 2018. The following chart reflects all bonding requirements referenced in the CIP exce t: • Bonding that may be presented to residents by referendum for community park improvements (identified in the Park Equipment Replacement Plan) beginning in 2020. In addition, the chart does NOT include bonding that may be associated with large projects that haven't been fully vetted such as: 3 • New water treatment facility (west side of city) • Replacement of old maintenance shop • Fire Station #3 (west side of city) The chart also reflects the cumulative effect of new debt issued and the retirement of existing debt. The top line is the resulting total debt balance at the end of the year. Rrojected Debt Batances 07.22.2013 560A ._... ___.. .. . _.. .. . 550A. ._...... __..... ........ .......... ....... .... .. ... . .. . . ..._.. . ........ .. 540.0 ..._. ....__ . .. __ .... . .... ..... . ....__ . . . . ____ ._.._.. ..... `i..., �� a ... O � 530.0 Pay oH ED0. $8.8M ..... .._.__ ..... ... _... ..... ..... . � (Escrow) in 2013 '� Pay off 2006A (Escrow) i� 2014 5?_OA ......... ___ . ...... ....... . � ... . ..... StOA ...__. ...___..... �_��_� . 50A ._._... ...... .. .. . � .. O1`� O . ` D. O ,�h Q ,�O Oy '1 Oy 0 O �9 �. D , y �. o , y 'L o . y 3 �'L� 'L 'D 'L "L 'L 1 `L `L `L 1 `L J L_ —+—Exisiing 6ebt �Cumm. CIP Debt —+—PrqeMed Debt ��New CIP Debt l The followin chart reflects the chan in debt balance on a er ca ita basis: Debt Per Capita o sz,soo za,000 P e ' 27,000 ° b $2,000 - . _ _ _ . _ ,.�"'� ' ; 26,000 P t $1,500 ___ . _.__... ___..._ _.__..::....---. u � �►�"'�,,. _ .,,,,*„�,� 25,000 � C $1,000 �"�Yf _.._...�. ___ __ 24,000 a a ' 23,000 t $500 - - -. ...._ ...._.__. _. _..___......__._..._� ........... ......_...........__... . _ ._ P '; 22,000 i � $0 . 21,000 � t .; z�12 _ 2013 . 2014 2QI5 20i6 . 2017 2018 2019 ��, 2020 2021 2022 2023 ��, ft --µa DebtJCap'ta 2,036 2,598 1,5Q5 ! 2,769 1,6fiZ 1.6i6 L614 1,559 ', 1,495 1,444 1,300 1,272 —;�—Population Z3,Z9� 23,731 24,106 24,d81 24,856 25,231 25,606 � 25.951 � 26,356 26,731 27,i0b 27,481 � Population growth based on 150 permits/year x 2.5 persons per household The impact of the 2014-2018 CIP and other anticipated bond payment adjustments on the debt service property tax levy is reflected in the following table: 4 P Chan !n Debt Totals' 2014 y 2�194 2015 ' 2Q76 201T 2098 24�18 Debt: Existing CIP (75,287) (119,535) 17,840 16,180 (299,625) (460,427) New CIP 158,000 391,000 405,000 433,000 483,000 1,870,000 Market Referendum 29,943 28,701 48,875 66,700 790,450 749,631 Chan e in Debt Le 112,656 300,166 471,715 382,480 607,075 659,942 ProJected Debt Levy 2015 ' 2014 2tI15 2016 2017 , 2018 DebtService 2,809,534 2,922,190 3,222,356 3,694,071 4,076,551 3,469,476 Each year, certain bond issues mature and the corresponding debt service pay- ments are eliminated. In the early 2000s, the level of bonding was tower due to the capital improvement projects being much smaller in scope. Current projects are larger due to the fact that we have accelerated the street reconstruction plan in or- der to address maintenance issues in a more realistic time frame. Therefore, the amount of debt service dropping off each year is less than the amount that we are adding for new CIP projects. This results in an increase in the debt service proper- ty tax l evy. The debt associated with Market Referendum bonds which funded park improve- ments and construction of the fire stations also incrementally increases each year. The final payment for the park improvements occurs in 2017 and significantly de- creases per the debt schedule. The proposed CIP projects will impact the debt service levy beginning in 2015. The anticipated bond payments on debt issued in conjunction with these projects along with payment adjustments on current bonds would result in an increased debt ser- vice levy as noted in the table above. Transqortation Plan The Transportation Plan utilizes multiple funding sources to support roadway and utility construction projects including Municipal State Aid, Street Oversizing and Trunk Funds, Water Fund, Sewer Fund, Water Quality Fund, special assessments and bond proceeds. Grant funding is pursued whenever possible. The City works cooperatively with other agencies such as Scott County, MNDOT, and SMSC to co- ordinate the timing and funding of these projects. Eauipment Replacement Plan The Equipment Replacement Plan (ERP) utilizes general tax levies to support re- placement of the City's equipment and vehicle fleet. Prior CIPs reflected incremen- tal annual increases over the program's 12-year term. With the pressure of levy lim- its in 2014 and a strong fund balance, the property tax levy dedicated to the ERP plan has been reduced in 2014 by $120,000. The tax levies in subsequent years have also been adjusted. 5 The ERP also includes annual transfers from the Water Fund, Sewer Fund and Water Quality Fund. The transfers from the Water Fund and Sewer Funds are pe- riodically increased because a significant portion of the equipment also serves the Water and Sewer departments. Funding for the replacement of fire trucks in 2018 and 2021 is assumed to be pro- vided by issuing bonds or equipment certificates. For future CIPs, the City Council should contemplate the funding philosophy associated with major replacements or acquisitions such as building up a fund balance reserve, issuing debt or a combina- tion of the two. Park Eauipment Replacement Plan The Park Equipment Replacement Plan (PERP) utilizes general tax levies to sup- port the ongoing repairs and maintenance reflected in the General Fund Parks De- partment budget. The PERP reflects incremental increases or decreases between $15,000 and $115,000 for years 2014 through 2018 based on the current equip- ment replacement philosophy. Staff, along with the Parks Advisory Committee, will be conducting a Park Analysis and Sustainability Study to determine if the PERP should be adjusted to meet changing demographics in the community. Technoloav Plan The Technology Plan (TP) identifies the existing inventory, acquisition date, life ex- pectancy and vatue of hardware on a long term basis (10 years). The Plan also identifies potential future investments in software. The Technology Plan reflects $1.3 million in expenditures for years 2014 through 2021. This number includes approximately $460k for a new Financial System and $60k for new property management software. The Technology Plan utilizes multiple funding sources including contributions from the Water Fund and Sewer Fund. The General Fund currently has funds allocated for capital purchases in the Technology Department. Additional funds will need to be budgeted using general tax levies. Two years ago, Council members indicated that the use of General Fund reserves should only be for major software purchases such as the Financial System, permit- ting software, time tracking software, etc. The current Plan remains consistent with those Council directives. Facilities Manas�ement Plan The Facilities Management Plan (FMP) identifies the existing inventory, installation date, life expectancy and value of equipment on a long term basis (25 years) for all of our facilities. The FMP provides a schedule for MAJOR repairs, replacements and upgrades. It does not cover minor expenses for repairs and maintenance. Those will continue to be funded through the operating budgets. The FMP utilizes multiple funding sources including general tax levies, periodic transfers from the General Fund, annual transfers from the Water Fund and Sewer Fund and bond proceeds. 6 Current and Proaosed Rates The following table shows the current and proposed rates which are the basis for the revenues in each of the water, sewer and water quality operating plans. The rates were adjusted per Council directive to mirror the targeted minimum fund bal- ance reserves. , Z013 2Q14 ZO15 2016 2017 �18 Water <25000 $ 3.40 $ 3.65 ; $ 3.90 $ 3.98 ! $ 4.06 ' $ 4.21 _ _ _ : _ Water>25000 $ 4.69 $ 5.03 ' $ 5.37 $ 5.48 ' $ 5.59 ' $ 5.80 Sewer-MCES $ 2.11 $ 2.11 '$ 2.16 $ 2.21 ,$ 2.26 $ 2.31 _ _ Sewer-City $ 1.96 $ 1.96 $ 2.00 $ 2.04 '$ 2.08 ': $ 2.12 Storm Water $'' 11.25 $ 13.25 $ 13.50 $ 13.75 $ 14.00 ,$ 14.25 CFAC-Water $ S.flO $ 5.00 $ 5.00 $ 5.00 $ 5.00 $ 5.00 CFAGSewer $ 5.W $ 5.00 '$ 5.00 $ 5.00 $ 5.00 !$ 5.00 Approval of the CIP does not constitute final project approval. All of the projects included in the CIP will come before the City Council several times prior to final ap- proval. All future bonding decisions are approved by the City Council, as well. ALTERNATIVES: The following alternatives are available to the City Council: 1. Direct staff to prepare a resolution approving the 2014-2018 CIP and Street Re- construction Plan as presented. 2. Direct staff to prepare a resolution approving the 2014-2018 CIP and Street Re- construction Plan with recommended changes. � RECOMMENDED Alternatives #1 or 2 MOTION: REPORTS 1. 2014-2018 CIP Documents ATTACHED 7 O � PRlp � v � 4646 Dakota Street SE Prior Lake, MN 55372 `�rNivsso�� PLANNING COMMISSION CITY OF PRIOR LAKE, MINNESOTA RESOLUTION N0.13-XX PC RESOLUTION OF THE CITY OF PRIOR LAKE PLANNING COMMISSION FINDING THAT THE CAPITAL IMPROVEMENTS IDENTIFIED IN THE 20142018 CAPITAL IMPROVEMENT PROGRAM ARE IN COMPLIANCE WITH THE COMPREHENSIVE MUNICIPAL PLAN. WHEREAS, the City staff has prepared and presented to the Planning Commission the 2014-2018 Capital Improvement Program hereinafter "CIP;" and WHEREAS, pursuant to Minn. Stat. §462.356, Subd 2 after a comprehensive municipal plan or section thereof has been recommended by the planning agency and a copy filed with the governing body, no publicly owned interest in real property within the municipality shall be acquired or disposed of, nor shall any capital improvement be authorized by the municipality or special district or agency thereof or any other political subdivision having jurisdiction • within the municipality until after the planning agency I�as reviewed the proposed acquisition, disposal, or capital • improvement and reported in writing to the goveming body or other special distnct or agency or political subdivision concemed, its findings as to compliance of the proposed acquisition, disposal or improvement with the comprehensive municipal plan.. NOW, THEREFORE, BE IT RESOLVED by the Planning Commission finds that the capital improvements identified in the CIP are in compliance with the comprehensive municipal plan. Pass and adopted this 5� day of August, 2013. Jeff Phelan, Commission Chair ATTEST: Dan Rogness, Community & Economic Development Director Phone 952.447.9800 / Fax 952.447.4245 / wtivw.cityofpriorlake.com � cn � � „ n � z � � c� —� c� � �n � „ v o � d d m m y y � 2 d � m � c ctTy � c co' � � � o o y m � � �° m � c��n a ,� o�, � ci � .a �� � < < r: � � � � p � � � ,� � �p� � y d f� f� � '"' < fD 'D C C C �C m .��'ti D C O � tA 01 y > > N w � 1ro 7 y X (n � n � m a p� y (p T 1 a a � � ..�.�.� �� � N � N 7 ? � C � N' � T � C N � � D N � � � TI � TI 7 C � � m a 3 c c m > j � a a y � � �' rt a a a � a -i �t c � G C� O a °' o, 3 � N � D I Q- r « � � 3 � 00 � � 70 d c d � 3 � � � � �,,� -� � iv rv w � o a m '�, � � 7 T W O�D � N N � (�Jt W W C f0 � W �C �, W A W W �I � OD � �I (1i � � � � � i i O �l � CO N W N � CT � � tD N Z ��� W (T � N W �1 <O N A � N �! � O� Of N CJt tT OD OD � � OD CO O U� '� �. 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