HomeMy WebLinkAbout14-201 Order Stemmer Ridge Road Project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 14-201
A RESOLUTION ORDERING IMPROVEMENTS AND PREPARATION OF PLANS AND
SPECIFICATIONS FOR STEMMER RIDGE ROAD IMPROVEMENT PROJECT (PROJECT #TRN14-
000004) INCORPORATING ADDITIONAL TRAFFIC CALMING MEASURES, ROAD DESIGN SHOULD
BE A HYBRID OF CONCEPTS E AND F, SPEED ON NEW EXTENSION NOT TO EXCEED 30 M.P.H.
AND CONSIDERATION OF INCLUDING A STOP SIGN IN THE PROPOSED EXTENSION IN ADDITION
TO THE ROUNDABOUT; FINANCING THE STEMMER RIDGE ROAD IMPROVEMENT PROJECT TO
BE UNDERTAKEN BY THE CITY AND ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND
REGULATIONS UNDER THE INTERNAL REVENUE CODE
Motion By: MCGUIRE Second By: SOUKUP
WHEREAS, The Prior Lake City Council on its own initiative has determined that it desires to complete the Public
Improvement Project to Credit River Road; and
WHEREAS, On June 9, 2014; the City Council adopted Resolution 14-094 accepting the Feasibility Report and calling
for a Public Hearing to be held on the Stemmer Ridge Road Improvement Project which includes sanitary
sewer, watermain, storm sewer, aggregate 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 11 day of August, 2014, at which time all persons desiring to be heard were given an
th
opportunity to be heard thereon; and
WHEREAS, The City Council held a second public hearing on December 22, 2014 following written notice and
publication; and
WHERES, 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
NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL 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.The City Engineer is hereby authorized to prepare plans and specifications for the improvements
delineated in City Council Resolution 14-094 adopted on June 9, 2014 for a hybrid of Concepts E and F
and by the required statutory 4/5ths vote does hereby order the project.
4.The City Engineer is hereby designated as the Engineer for these improvements and is authorized to
record engineering expenses in the Construction Fund (#501-43500.00-55020-TRN14-000004).
5.The Engineer shall prepare plans and specifications for the making of such improvements for Stemmer
Ridge Road.
6.The City Council authorizes the following preliminary funding sources and corresponding transfers to the
Construction Fund for the project:
CITY PROJECT W/
TRAFFIC CALMING
Assessments $3,636,000
Trunk Sewer Fund $286,000
Trunk Water Fund $411,000
Street Oversize Fund $652,000
SMSC FUNDING
Total $4,985,000
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).
8.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 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 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.
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 22 DAY OF DECEMBER 2014.
ND
VOTE Hedberg Keeney McGuire Morton Soukup
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Abstain
☐☐☐☐☐
Absent
☐☐☐☐☐
______________________________
Frank Boyles, City Manager
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