HomeMy WebLinkAbout17-021 Franklin Trl Area Public Hearing
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-021
ORDERING IMPROVEMENTS FOR THE FRANKLIN TRAIL IMPROVEMENT PROJECT (PROJECT
#TRN17-000004); FINANCING THE FRANKLIN TRAIL 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: Braid
WHEREAS, The Prior Lake City Council on its own initiative has determined that it desires to
complete the Public Improvements for the Franklin Trail 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 Franklin 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 9th day of January, 2017 and continued to
February 13, 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-TRN17-000004).
5. The Engineer shall prepare plans and specifications for the making of such improvements
for the Franklin Trail 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\17-021 Franklin Trl Area Public Hearing.docx 2
FRANKLIN TRAIL AREA IMPROVEMENT
PROJECT - FUNDING
Ad Valorem $1,015,624
Assessment (40%) $574,536
Utility Fund - Sewer $434,560
Utility Fund - Water $517,070
Water Quality Fund $124,160
Assessable Acreage 31.9 Acres
Assessment (Per Acre) –
Reconstruction $18,035.52
Total $2,665,950
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 $2,930,000 in accordance with the Internal Revenue Service
Reimbursement Regulations (Treasury Reg. 1.150-2).
Passed and adopted by the Prior Lake City Council this 13th day of February, 2017.
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☒
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager