HomeMy WebLinkAbout17-120 Rolling Oaks Public Hearing
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-120
ORDERING IMPROVEMENTS FOR THE ROLLING OAKS IMPROVEMENT PROJECT (PROJECT
#TRN13-000006); FINANCING THE ROLLING OAKS IMPROVEMENT PROJECT TO BE UNDERTAKEN
BY THE CITY AND ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS
UNDER THE INTERNAL REVENUE CODE
Motion By: Burkart Second By: McGuire
WHEREAS, The Prior Lake City Council on its own initiative has determined that it desires to
complete the Public Improvements for the Rolling Oaks Improvement Project; and
WHEREAS, On June 12, 2017; the City Council accepted the Feasibility Report and called for a
Public Hearing to be held for the Rolling Oaks 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 24th day of July, 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-TRN13-000006).
5. The City Council authorizes the following preliminary funding sources and corresponding
transfers to the Construction Fund for the project:
Funding Source Amount
Assessments (Current) $269,000
Street Oversize Fund $67,200
Water Quality Fund $112,000
Trunk Fund $200,000
Developer Contribution $123,200
N:\City Council\Resolutions\2017\17-120 Rolling Oaks Public Hearing.docx 2
Developer Paid Deferred
Assessments $191,601
Project Total Cost* $963,001
6. 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 $1,000,000 in accordance with the Internal Revenue Service
Reimbursement Regulations (Treasury Reg. 1.150-2).
Passed and adopted by the Prior Lake City Council this 24th day of July, 2017
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager