HomeMy WebLinkAbout17-009 Balsam Street Area Public Hearing
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-009
ORDERING IMPROVEMENTS FOR THE BALSAM STREET AREA IMPROVEMENT
PROJECT (PROJECT #TRN17-000003); FINANCING THE BALSAM STREET AREA
IMPROVEMENT PROJECT TO BE UNDERTAKEN BY THE CITY AND ESTABLISHING
COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL
REVENUE CODE
Motion By: Thompson Second By: Braid
WHEREAS, The Prior Lake City Council on its own initiative has determined that it desires to
complete the Public Improvements for the Balsam Street Improvement Project; and
WHEREAS, On November 28, 2016; the City Council accepted the Feasibility Report and called
for a Public Hearing to be held for the Balsam Area Trail 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 23rd day of January, 2017, at which time all
persons desiring to be heard were given an opportunity to be heard thereon; and
WHEREAS, 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);
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. Such improvement is necessary, cost-effective, and feasible as detailed in the feasibility
report.
3. The City Council by the required statutory 4/5ths vote does hereby order the project as
outlined in the feasibility report.
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-TRN17-000003).
5. The Engineer shall prepare plans and specifications for the making of such improvements
for the Balsam Street Area Improvement Project.
6. The City Council authorizes the following preliminary funding sources and corresponding
transfers to the Construction Fund for the project:
N:\City Council\Resolutions\2017\17-009 Balsam Street Area Public Hearing.docx 2
BALSAM STREET AREA IMPROVEMENT
PROJECT - FUNDING
Ad Valorem $804,282
Assessment (40%) $580,312
Utility Fund - Sewer $320,180
Utility Fund - Water $337,730
Water Quality Fund $86,186
Assessment (Per Unit) –
Recclamation $4,337
Assessment (Per Unit) –
Reconstruction $10,435
Total $2,128,690
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 expected to be issued in an
amount not to exceed $2,478,346 in accordance with the Internal Revenue Service
Reimbursement Regulations (Treasury Reg. 1.150-2).
Passed and adopted by the Prior Lake City Council this 23rd day of January, 2017
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☒
______________________________
Frank Boyles, City Manager