HomeMy WebLinkAbout17-211 Franklin Trail Area Public Hearing
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-211
ORDERING IMPROVEMENTS FOR THE FRANKLIN TRAIL IMPROVEMENT PROJECT
(PROJECT #TRN18-000001); 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: 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 Franklin Trail Improvement Project; and
WHEREAS, On November 20, 2017; 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 11th day of December, 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-TRN18-000001).
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:
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FRANKLIN TRAIL AREA IMPROVEMENT
PROJECT - FUNDING
Tax Levy $822,117
Assessment (40%) $357,483
Utility Fund - Sewer $437,700
Utility Fund - Water $294,300
Assessable Acreage 13.95 Acres
Assessment (Per Acre) –
Reconstruction $25,626.00
Total $1,911,600
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 11th DAY OF DECEMBER 2017
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VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager