HomeMy WebLinkAbout19-091 CIP - Approve 2020-2024 CIP
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 20-091
A RESOLUTION APPROVING THE 2020-2024 CAPITAL IMPROVEMENT PROGRAM
Motion By: Erickson Second By: Braid
WHEREAS, The purpose of the Capital Improvement Program (CIP) is to protect the infrastructure
of the City of Prior Lake by establishing a replacement plan for existing infrastructure
and by identifying those improvements necessary to accommodate the growth of the
community; and
WHEREAS, The CIP is a flexible planning document that attempts to balance the financial
resources of the City with its needs; and
WHEREAS, During the course of the preparation and review of the 2020 to 2024 CIP the City
Council has considered, for each capital improvement and for the CIP overall: the
condition of the City's existing infrastructure, including the projected need for repair or
replacement; the likely demand for the improvement; the estimated cost of the
improvement; the available public resources; the level of overlapping debt in the City;
the relative benefits and costs of alternative uses of the funds; operating costs of the
proposed improvements; and alternatives for providing services most efficiently through
shared facilities with other cities or local government units; and
WHEREAS, It is intended for the CIP to be established for a period of five (5) years and to be
updated annually; and
WHEREAS,
On August 5, 2019, a presentation on the 2020-2024 CIP that provided detail of the
capital spending priorities and funding was provided; and
WHEREAS,
The City reasonably expects to reimburse the expenditures made for certain costs of
the projects included in the CIP from the proceeds of bonds. Therefore, a separate
resolution is attached establishing procedures relating to compliance with
reimbursement bond regulations under the Internal Revenue Code.
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. The 2020-2024 Capital Improvement Program is hereby approved.
3. The attached resolution establishing procedures relating to compliance with reimbursement bond
regulations under the Internal Revenue Code is hereby approved.
2
PASSED AND ADOPTED THIS 5th DAY OF AUGUST 2019.
VOTE Briggs Erickson Thompson Braid Burkart
Aye ☒ ☒ ☐ ☒ ☒
Nay ☐ ☐ ☒ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Michael Plante, City Manager