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Home My WebLink About_05 17 2021 City Council Agenda PacketCHECK REGISTER FOR CITY OF PRIOR LAKE 1/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date Bank 1 General Bank 1,065.61 Mar 2021 Admin FeesDELTA DENTAL000272137111(E)104/26/2021 58.55 Mar 2021 COBRA Admin Fees 1,124.16 1,100.79 2021 Dental ClaimsDELTA DENTAL000272137115(E)104/26/2021 76,416.14 May 2021 Health Insurance PremiumsMN PEIP000279097116(E)104/26/2021 352.00 Apr 2021 HSA Admin FeesALERUS000013757117(E)104/27/2021 14,293.00 Pickleball Court UmbrellasSKYSPAN SHADE000279457118(E)104/27/2021 3,485.60 Annual Inspection - Crane & Lift EquipmeALL TEST & INSPECTION INC000279597120(A)104/30/2021 45.37 Notary Stamp, Filing FeeANN SCHROEDER000270357121(A)104/30/2021 3,043.00 Traffic Conrtol & Pedestrian Signing PolBOLTON & MENK INC000026377122(A)104/30/2021 256.00 Sonicwall LicenseCOMPUTER INTEGRATION TECH000037607123(A)104/30/2021 358.00 LED Monitor 614.00 214.95 756 Lap top mount EMERGENCY AUTOMOTIVE TECH INC000054807124(A)104/30/2021 421.86 PartsFASTENAL COMPANY000061407125(A)104/30/2021 653.25 Firefighter Helmet LetteringFIRE EQUIPMENT SPECIALTIES INC000064557126(A)104/30/2021 1,607.25 Air Filters & System Cleaning - City HalG&B ENVIRONMENTAL INC000278747127(A)104/30/2021 790.60 Air Filters & System Cleaning - PD 2,397.85 485.00 ATV GraphicsGRAFIX SHOPPE000076157128(A)104/30/2021 343.75 Mar 2021 Sprint at Tower StHOFF BARRY PA000273877129(A)104/30/2021 481.25 Mar 2021 Verizon at Cedarwood St 825.00 45.97 Misc Office SuppliesINNOVATIVE OFFICE SOLUTIONS LLC000271497130(A)104/30/2021 86.50 Misc Office Supplies 271.40 #10 Envelopes 403.87 2,864.63 2021 Annual Subscription IRTH SOLUTIONS INC000098407131(A)104/30/2021 111.92 Toilet Repair PartsKULLY SUPPLY INC000119407132(A)104/30/2021 425.00 2021 Vactor Discharge Permit FeeMETROPOLITAN COUNCIL000134007133(A)104/30/2021 475.00 2021 WTP Discharge Permit 900.00 8,500.00 2020 YE AuditMMKR & CO000137497134(A)104/30/2021 463.48 Rec SweatshirtsNORTH AMERICAN SAFETY000145747135(A)104/30/2021 384.38 Evidence SuppliesULINE000212507136(A)104/30/2021 107.00 Electrical Repair PartsVIKING ELECTRIC SUPPLY000226307137(A)104/30/2021 8.47 Electrical Repair Parts 16.77 Electrical Repair Parts 168.00 Electrical Repair Parts 300.24 471.36 AsphaltWM MUELLER & SONS INC000236457138(A)104/30/2021 CHECK REGISTER FOR CITY OF PRIOR LAKE 2/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date 410.00 2021 WCA LGU March 2021WSB & ASSOCIATES INC000237807139(A)104/30/2021 41.00 Parkhaven Dev Plan Review 561.50 Markley Lake Monitoring 246.00 Mar 2021 Vierling Farms WCA Review 6,523.25 Dev Plan Reviews 16,394.21 TRN20-000001 Fish Pt Road Eng Svcs 197.00 2020 Standard City Specification Update 580.00 15402 Forsythe Rd Retaining Wall 24,952.96 9,949.00 3/1/21-2/28/22 ServiceZIEGLER INC000265007140(A)104/30/2021 294.73 May 2020 Vision PremiumsEYEMED000279177141(E)105/05/2021 14,293.00 Pickleball Court UmbrellasSKYSPAN SHADE000279457142(E)105/05/2021 2,400.00 Apr 2021 Animal Control4 PAWS ANIMAL CONTROL LLC000067987143(A)105/07/2021 4,037.50 Risk AssessmentBOLTON & MENK INC000026377144(A)105/07/2021 2,059.38 Apr 2021 Misc SuppliesCARLSON HARDWARE COMPANY000031257145(A)105/07/2021 7,890.00 May 2021 CleaningCOVERALL000275717146(A)105/07/2021 185.00 FlagsDISPLAY SALES COMPANY000044937147(A)105/07/2021 19.61 PartsFASTENAL COMPANY000061407148(A)105/07/2021 669.60 Apr 2021 LocatesGOPHER STATE ONE-CALL INC000075257149(A)105/07/2021 2,846.25 Apr 2021 Professional ServicesHOFF BARRY PA000273877150(A)105/07/2021 165.00 Apr 2021 Bylaws 41.25 Apr 2021 Annexation 990.00 Apr 2021 Data Practices/Open Meeting 41.25 Apr 2021 Finance 41.25 Apr 2021 Franchises 206.25 Apr 2021 PW/Engineering 41.25 Apr 2021 City Projects 330.00 Apr 2021 Fishpoint Phase I 825.00 Apr 2021 CR 21/Revere Way 1,361.25 Apr 2021 Enforcement 123.75 Apr 2021 Development 68.75 Apr 2021 Majestic 206.25 Apr 2021 Police 783.75 Apr 2021 - Code Pt 1 1,113.75 Apr 2021 Code Pt 3 41.25 Apr 2021 Code Pt 4 123.75 Apr 2021 Code Pt 7 206.25 Apr 2021 Code Pt 9 1,031.25 Apr 2021 Zoning 601.25 Apr 2021 Litigation 46.25 Apr 2021 Spec Assmt Appeal 165.00 Apr 2021 Comm Development 11,400.00 1,059.43 Mar 2021 UniformsHUEBSCH000275367151(A)105/07/2021 71.32 Misc Office SuppliesINNOVATIVE OFFICE SOLUTIONS LLC000271497152(A)105/07/2021 9,054.12 Apr 2021 UnleadedKELLEY FUELS INC000112197153(A)105/07/2021 3,880.42 Apr 2021 Diesel 12,934.54 150.00 Mar 2021 PD Counseling ServicesLEAST SERVICES/COUNSELING LLC000276137154(A)105/07/2021 374.25 Hi Power WashM/A ASSOCIATES INC000130087155(A)105/07/2021 137,768.55 May 2021 Waste Water ServiceMETROPOLITAN COUNCIL000134007156(A)105/07/2021 94.59 Toro PTO switch MTI DISTRIBUTING INC000139517157(A)105/07/2021 CHECK REGISTER FOR CITY OF PRIOR LAKE 3/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date 303.00 Gloves & LensesNORTH AMERICAN SAFETY000145747158(A)105/07/2021 1,293.68 Apparel 96.14 Jacket 899.70 Safety Vests, Seasonal T-Shirts 180.48 Mechanics Gloves 2,773.00 233.14 Rock - Inguandona RepairPENTAGON MATERIALS INC000274267159(A)105/07/2021 4,116.00 Field Striping PaintPIONEER ATHLETICS000163707160(A)105/07/2021 657.02 Mar 2021 Data & SoftwarePRECISE MOBILE RESOURCE MGMT000165487161(A)105/07/2021 726.72 Apr 2021 Misc SuppliesPRIOR LAKE HARDWARE000166587162(A)105/07/2021 1,814.40 Card Reader RepairPRO-TEC DESIGN INC000274297163(A)105/07/2021 230.01 Mower tires ROYAL TIRE INC000187327164(A)105/07/2021 380.76 429 Hot box tires 610.77 220,600.00 2021 Tax Assessment ContractSCOTT COUNTY000192127165(A)105/07/2021 368.00 AsphaltWM MUELLER & SONS INC000236457166(A)105/07/2021 108.00 Rock 618.80 Asphalt 1,094.80 206.98 543 Ball joints WOLF MOTOR CO INC000236757167(A)105/07/2021 3,075.80 452 Turbo replacement 625.58 756 Coolant leak repair 3,908.36 19,255.50 City Wide Stormwater ModelWSB & ASSOCIATES INC000237807168(A)105/07/2021 3,818.25 TMDL Assessment 962.00 14756 Cove Ave SE EAW 24,035.75 1,092.87 Hoist Repair and hoist inspections ZAHL-PETROLEUM MAINTENANCE CO000261257169(A)105/07/2021 106.05 Mtce Center First Aid SuppliesZEE MEDICAL SERVICE000263507170(A)105/07/2021 11,609.63 Apr 2021 Natural Gas BillsCENTERPOINT ENERGY000135707171(E)104/29/2021 46.00 Filing Fee - Res 21-01PCSCOTT COUNTY000192127172(E)104/30/2021 46.00 Filing Fee - Res 21-02PC 92.00 25,877.56 Apr 2021 Electric BillsXCEL ENERGY000147207173(E)104/30/2021 1,231.18 2021 Dental ClaimsDELTA DENTAL000272137174(E)105/03/2021 19.50 May 2021 Merchant FeesAUTHORIZE.NET000268217175(E)105/04/2021 1,269.35 Apr 2021 Merchant FeesPAYMENT SERVICE NETWORK INC000161417176(E)105/04/2021 420.00 Straw BalesADVANCED SEEDING & EROSION CONTROL00027153108024104/30/2021 48.21 CoffeeARAMARK REFRESHMENT SERVICES00001772108025104/30/2021 225.00 Road Grader & OperatorART JOHNSON TRUCKING INC00001840108026104/30/2021 70.00 UniformsASPEN MILLS00001891108027104/30/2021 702.66 Uniforms 772.66 512.58 Taser BatteriesAXON ENTERPRISE INC00027347108028104/30/2021 3,295.00 Fence Cap & Cable TiesBEACON ATHLETICS00002170108029104/30/2021 153.99 Vacuum ToolCAPITAL ONE TRADE CREDIT00027963108030104/30/2021 CHECK REGISTER FOR CITY OF PRIOR LAKE 4/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date 1,192.42 AsphaltCITY OF ST PAUL00003521108031104/30/2021 45.00 Refund - Community GardenDIANE ZIMMERREFUND-REC108032104/30/2021 2,500.00 19-2181 15126 Fish Point Road SEDISTINCTIVE DESIGN BUILDMISC-CD108033104/30/2021 41.24 Retirement Flag Box SuppliesDON CLOUGHREFUND-REC108034104/30/2021 10.96 UB REFUND 10149504 DOROTHY VEIT REFUND-UB108035104/30/2021 170.95 Throttle KitEARL F ANDERSEN INC00005175108036104/30/2021 60.00 All-Way Sign 230.95 1,500.00 Bulk Meter #60015156ELLIINGSON COMPANIESREF WA MTR108037104/30/2021 284.09 Repair Engine E-9222EMERGENCY APPARATUS MAINT00005475108038104/30/2021 152.70 Chelgren - Sailboat AwardEXECUTIVE OCEAN00005947108039104/30/2021 139.84 482 Emergency brake batteryFACTORY MOTOR PARTS COMPANY00006020108040104/30/2021 1,418.56 Water MetersFERGUSON WATERWORKS #251600006231108041104/30/2021 53.88 Water Meters 1,472.44 270.00 Landscape MixGALLAGHER'S INC00007078108042104/30/2021 110.30 Fire Hose & GreaseGRAINGER INC00023030108043104/30/2021 104.43 Fire hose nozzle 46.68 Fire Hose Nozzle (89.04)Fire Hose Nozzle 172.37 1,393.64 Repairs - MC, Lakefront, Memorial ParkHAYES ELECTRIC INC00008315108044104/30/2021 460.00 SCADA Repair - North Tower 1,853.64 420.00 Permit LabelsIMPRINTS LABEL & DECAL00027961108045104/30/2021 4,033.47 Fire Hall CompressorINDUSTRIAL PNEUMATIC SYSTEMS00027680108046104/30/2021 45.00 Refund Community GardenJENECA FREDERIKSENREFUND-REC108047104/30/2021 100.94 UB REFUND # 1-00940-00JOHN WHITMORE REFUND-UB108048104/30/2021 41.68 UB REFUND ACCT #: 3-05705-00KAM LIREFUND-UB108049104/30/2021 385.00 Treehouse Mesh NetsMIDWEST PLAYSCAPES INC00026967108050104/30/2021 112.50 Handgun Permit ApplicationsMN CHIEFS OF POLICE ASSN00013778108051104/30/2021 23.00 Olson - 2021 Water Operator Lic RenewalMN DEPT OF HEALTH00013618108052104/30/2021 5,000.00 21-0406 5458 Fairlawn Shores Trail SEPEBBLE CREEK CUSTOM HOMESMISC-CD108053104/30/2021 40.60 TillerPRIOR LAKE RENTAL CENTER00016700108054104/30/2021 268.00 FertilizerRAMY TURF PRODUCTS00018173108055104/30/2021 399.00 Soil & Fertilizer 667.00 160.00 MulchROCK HARD LANDSCAPE SUPPLY00018571108056104/30/2021 1,800.00 Safety Chip 1,600.00 Mulch 1,800.00 Safety Chip 5,360.00 518.00 259021380 2021 Property TaxesSCOTT COUNTY00019212108057104/30/2021 2,023.40 2021 LicenseSMARTSHEET INC00027807108058104/30/2021 10,465.00 MFF PPE STREICHERS00019900108059104/30/2021 23.05 Retirement Flag Box SuppliesTHOMAS MICHAUDREFUND-REC108060104/30/2021 305.90 Shovel & RakeZACKS INCORPORATED00026100108061104/30/2021 CHECK REGISTER FOR CITY OF PRIOR LAKE 5/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date 85.00 543 Alignment ACCELERATED AUTO00026868108062105/07/2021 46.61 UB REFUND #2-08060-01AKBAR JONATHAN & RACHEAL ABDUL-HAQQREFUND-UB108063105/07/2021 75.00 Mail Box ReplacementALLEN LUNSERREF MAIL B108064105/07/2021 70.00 Apr 2021 Technology Time ClassAMANDA FAY00027666108065105/07/2021 299.00 Pager RepairANCOM COMMUNICATIONS INC00001654108066105/07/2021 55.00 Refridgerator DisposalBUCKINGHAM COMPANIES00002919108067105/07/2021 94.94 UB REFUND #4-07591-02CHRIS & CAARI DUEFFERTREFUND-UB108068105/07/2021 89.40 Apr 2021 Bottled WaterCULLIGAN BOTTLED WATER00003958108069105/07/2021 250.00 Searles - Law Enforcement Data WorkshopDATA PRACTICES OFFICE00027547108070105/07/2021 22.27 UB REFUND #2-02691-01ERICA SANDWICK REFUND-UB108071105/07/2021 550.00 Aqua Seal TubesESS BROTHERS & SONS INC00005785108072105/07/2021 4,481.20 Water MetersFERGUSON WATERWORKS #251600006231108073105/07/2021 4,919.20 Water Meters 794.87 Water Meters 167.32 Water Meters 10,362.59 50.16 UB REFUND #2-02614-02GREG GOSNELLREFUND-UB108074105/07/2021 78.00 Eyewash Replacement HeadsHOME DEPOT CREDIT SERVICES00008865108075105/07/2021 780.06 17159 Sunrise Avenue SWJACOB BABCOCKREFUND-MSC108076105/07/2021 215.05 UB REFUND #1-0859501JAY & ALLI MEDIN REFUND-UB108077105/07/2021 757.63 UB REFUND # 4-06979-00JEFFREY FERGUSONREFUND-UB108078105/07/2021 4.66 UB REFUND #4-07476-01JOHN & JULIE PAPELEUX REFUND-UB108079105/07/2021 39.82 UB REFUND #1-00612-02KATELYNN MURIREFUND-UB108080105/07/2021 300.00 Club Prior AdvertisingKCHK-FM00027406108081105/07/2021 119.61 UB REFUND #4-08365-02KEVIN & AMY CONNIFFREFUND-UB108082105/07/2021 2,045.00 Air Blower MotorKLAMM MECHANICAL CONTRACTORS INC00026904108083105/07/2021 1,478.00 Pressure Washer Repair 3,523.00 106.51 UB REFUND #1-08679-01LANDON & KALLI WEIGHTREFUND-UB108084105/07/2021 65,153.00 2nd Qtr 2021 Property & CasualtyLEAGUE MN CITIES INS TRUS00012435108085105/07/2021 133.80 Tire RecyclingLIBERTY TIRE RECYCLING LLC00012628108086105/07/2021 24.00 May 2021 Go To Meeting LicenseLOGMEIN INC00026895108087105/07/2021 219.00 GlovesLOU'S GLOVES INC00026948108088105/07/2021 8.02 UB REFUND # 1-01808-05LUKE BRINGGOLDREFUND-UB108089105/07/2021 34.79 UB REFUND #4-07064-03MARILYN GUY REFUND-UB108090105/07/2021 165.91 UB REFUND #1-04376-00MARK & AMY BROWN REFUND-UB108091105/07/2021 69.62 PartsMENARDS LUMBER CO00013318108092105/07/2021 36,951.95 Apr 2021 SAC ChargesMETROPOLITAN COUNCIL-SAC00013406108093105/07/2021 75.00 Mail Box ReplacementMICHAEL LINTNERREF MAIL B108094105/07/2021 23.00 Meger - 2021 Water Operator RenewalMN DEPT OF HEALTH00013618108095105/07/2021 23.00 Meger - 2021 Wastewater Cert RenewalMN POLLUTION CONTROL AGCY00013850108096105/07/2021 45.50 LumberMONNENS SUPPLY INC00013909108097105/07/2021 30.00 Lumber 33.60 Lumber 40.80 Lumber 149.90 993.00 Dell LaptopNOW MICRO INC00027966108098105/07/2021 75.00 Mail Box ReplacementPATSY LUNDQUISTREF MAIL B108099105/07/2021 219.36 UB REFUND #4-06826-00PORTIA & MIKE VOGTREFUND-UB108100105/07/2021 33.00 PropanePRIOR LAKE RENTAL CENTER00016700108101105/07/2021 123.23 UB REFUND # 4-07978-01ROXANNE KLENDSHOJREFUND-UB108102105/07/2021 225.00 2014 Honda CRV #005123SCOTT COUNTY ATTORNEY00019232108103105/07/2021 CHECK REGISTER FOR CITY OF PRIOR LAKE 6/6Page: 05/07/2021 03:12 PM User: Janet DB: Prior Lake CHECK DATE FROM 04/24/2021 - 05/07/2021 AmountDescriptionVendor NameVendorCheckBankCheck Date 2,227.50 2008 Mercury Mountaineer #00300 2,452.50 111.83 UB REFUND #3-05177-00SCOTT STORGAARDREFUND-UB108104105/07/2021 398.00 May 2021 Portable ToiletsSPECIALIZED SANITATION00019703108105105/07/2021 134.04 UB REFUND #4-05293-01STEPHANIE & TYSEN DOWZAK REFUND-UB108106105/07/2021 1,590.00 Annual InspectionsSUMMIT FIRE PROTECTION CO00019949108107105/07/2021 96.84 UB REFUND #1-05924-02TAMARA HENNESSYREFUND-UB108108105/07/2021 135,188.00 #519 Plow Box and ControlsTOWMASTER00020659108109105/07/2021 1,710.00 519 Cutting edges (408.06)Return 465 Liquid tank valve 136,489.94 14.99 Dewalt OrganizerTRACTOR SUPPLY CREDIT PLAN00020663108110105/07/2021 1,794.55 9275 Argo parking brake repair TRENCHERS PLUS INC00020738108111105/07/2021 2,500.00 19-0803 15921 Sunfish Trail SETROY TESKEMISC-CD108112105/07/2021 24.64 464 Marker lamp harnessTRUCK CENTER COMPANIES00027878108113105/07/2021 930.00 Tile Cleaning - PDTWIN CITIES TILE & GROUT 00027965108114105/07/2021 2,098.00 Park PartsULTIMATE PLAYGROUNDS INC00021254108115105/07/2021 135.00 Mgmt Ops - Breeggemann, Whitmer, KorbelUNIVERSITY OF MINNESOTA00021770108116105/07/2021 610.40 Hydrant Traffic Repair KitUSA BLUEBOOK00021882108117105/07/2021 824.75 AT&T Tower St (10111975)VELOCITEL/QUALTEK WIRELESSREFUND-MSC108118105/07/2021 4,676.64 May 2021 Cell Phone BillsVERIZON WIRELESS00001315108119105/07/2021 9.39 UB REFUND #4-07558-02WILLIAM MUDGE & LESLIE CAROTHERSREFUND-UB108120105/07/2021 1 TOTALS: 974,541.44 Total of 159 Disbursements: 0.00 Less 0 Void Checks: 974,541.44 Total of 159 Checks: City of Prior Lake Expenditures- Payroll and Benefits As of 4/30/2021 (Preliminary & Unaudited) Activity for Activity for Variance from Variance from Previous Month Month 2021 2021 2021 Amended Budget - % BDGT 4/30/20 from 2020 3/31/2021 4/30/2021 Budget Amended Actual YTD Positive (Negative)USED Actual YTD Positive (Negative) GENERAL FUND Function: General Government 41110.00 MAYOR & COUNCIL 5,404 4,899 66,234 66,234 20,433 45,801 31%21,606 1,173 41320.00 ADMINISTRATION 15,595 15,809 197,222 197,222 56,591 140,631 29%109,000 52,410 41330.00 BOARDS & COMMISSIONS 538 323 10,765 10,765 1,476 9,289 14%1,399 (77) 41400.00 CITY CLERK FUNCTIONS 9,062 9,303 120,422 120,422 33,055 87,367 27%32,154 (901) 41410.00 ELECTIONS - 171 3,500 3,500 171 3,330 5%7,677 7,507 41520.00 FINANCE 41,458 42,035 537,955 537,955 150,727 387,228 28%117,693 (33,034) 41820.00 HUMAN RESOURCES 20,843 21,147 271,624 271,624 75,647 195,977 28%45,586 (30,062) 41830.00 COMMUNICATIONS 8,835 8,929 128,054 128,054 31,928 96,127 25%32,025 97 41910.00 COMMUNITY DEVELOPMENT 24,062 24,428 317,724 317,724 84,569 233,155 27%79,642 (4,928) 41920.00 INFORMATION TECHNOLOGY 17,006 17,308 225,935 225,935 61,935 164,000 27%48,554 (13,381) 41940.00 FACILITIES - CITY HALL 5,694 6,770 91,018 91,018 13,753 77,265 15%26,881 13,128 Total - Function General Government 148,496 151,120 1,970,453 1,970,453 530,285 1,440,168 27%522,217 (8,068) Function: Public Safety 42100.00 POLICE 325,224 368,426 4,736,215 4,822,965 1,299,362 3,523,603 27%1,232,541 (66,820) 42200.00 FIRE 41,625 52,430 760,123 760,123 153,547 606,576 20%147,226 (6,320) 42400.00 BUILDING INSPECTION 49,444 52,398 679,565 679,565 185,000 494,565 27%169,377 (15,623) Total - Function Public Safety 416,293 473,253 6,175,903 6,262,653 1,637,908 4,624,745 26%1,549,144 (88,764) Function: Public Works 43050.00 ENGINEERING 25,323 25,826 350,041 350,041 89,285 260,756 26%89,493 208 43100.00 STREET 35,424 44,066 503,876 503,876 145,640 358,236 29%131,137 (14,503) 43400.00 CENTRAL GARAGE 17,447 19,132 247,198 247,198 67,035 180,163 27%67,338 303 Total - Function Public Works 78,194 89,025 1,101,115 1,101,115 301,960 799,155 27%287,968 (13,992) Function: Culture and Recreation 45100.00 RECREATION 18,979 22,417 360,011 360,011 74,801 285,210 21%81,458 6,657 45200.00 PARKS 63,871 73,089 1,081,258 1,081,258 247,040 834,218 23%256,828 9,788 Total - Function Culture and Recreation 82,850 95,506 1,441,269 1,441,269 321,841 1,119,428 22%338,286 16,444 General Fund Payroll Only Expenditures Total 725,833 808,904 10,688,740 10,775,490 2,791,994 7,983,496 26%2,697,615 (94,379) COMPARATIVE Annual City of Prior Lake Expenditures- Payroll and Benefits As of 4/30/2021 (Preliminary & Unaudited) Activity for Activity for Variance from Variance from Previous Month Month 2021 2021 2021 Amended Budget - % BDGT 4/30/20 from 2020 3/31/2021 4/30/2021 Budget Amended Actual YTD Positive (Negative)USED Actual YTD Positive (Negative) COMPARATIVE Annual EDA FUND Function: Economic Development 46500.00 ECONOMIC DEVELOPMENT 10,412 10,561 135,544 135,544 41,744 93,800 31%45,633 3,888 EDA Fund Payroll Only Expenditures Total 10,412 10,561 135,544 135,544 41,744 93,800 31%45,633 3,888 WATER FUND Function: Water 41520.00 Finance 5,787 5,876 76,881 76,881 21,193 55,688 28%20,878 (315) 49400.00 Water 54,373 59,722 749,281 749,281 206,512 542,769 28%208,160 1,649 Water Fund Payroll Only Expenditures Total 60,160 65,598 826,162 826,162 227,705 598,457 28%229,038 1,334 SEWER FUND Function: Sewer 41520.00 Finance 5,786 5,875 76,881 76,881 21,190 55,691 28%21,082 (109) 49450.00 Sewer 51,545 60,571 731,502 731,502 220,047 511,456 30%237,270 17,224 Sewer Fund Payroll Only Expenditures Total 57,331 66,447 808,383 808,383 241,237 567,146 30%258,352 17,115 STORM WATER FUND Function: Storm Water 49420.00 Water Quality 24,366 25,524 366,879 366,879 94,716 272,163 26%99,245 4,528 Storm Water Fund Payroll Only Expenditures Total 24,366 25,524 366,879 366,879 94,716 272,163 26%99,245 4,528 City-Wide Total Payroll Expenditures 878,102 977,033 12,825,708 12,912,458 3,397,396 9,515,062 26%3,329,883 (67,513) Number of Permits Declared Value Number of Permits Declared Value Single Family Dwellings 17 $6,623,604.00 4 $1,615,823.00 Townhouses (# units)0 $0.00 0 $0.00 Multiple Units 0 $0.00 0 $0.00 New Commercial Industrial & Commercial 1 $67,000.00 0 $0.00 Residential 330 $2,158,146.19 33 $375,943.00 Industrial & Commercial 5 $431,103.00 0 $0.00 tMechanical 77 $0.00 48 $0.00 ttMechanical (SF&TH)68 $0.00 16 $0.00 TOTALS 498 $9,279,853.19 101 $1,991,766.00 Number of Permits Declared Value Number of Permits Declared Value Single Family Dwellings 51 $20,359,557.00 31 $9,854,702.00 Townhouses (# units)0 $0.00 4 $832,206.00 Multiple Units 0 $0.00 0 $0.00 New Commercial Industrial & Commercial 2 $1,229,866.00 0 $0.00 Residential 515 $5,213,440.99 191 $1,203,143.00 Industrial & Commercial 12 $828,625.46 5 $5,116,300.00 tMechanical 290 $0.00 221 $0.00 ttMechanical (SF & TH)204 $0.00 140 $0.00 TOTALS 1074 $27,631,489.45 592 $17,006,351.00 Summary of Fees Collected APRIL 2021 APRIL 2020 YTD 2021 YTD 2020 General Fund $155,873.56 $57,632.02 $427,723.15 $277,072.00 Trunk Reserve Fund $30,600.00 $10,500.00 $97,900.00 $69,258.00 Water Storage Fund $0.00 $7,700.00 $6,160.00 $50,790.00 Water and Sewer Fund $12,990.00 $3,750.00 $43,640.00 $26,185.00 Metro Council SAC $39,760.00 $12,425.00 $129,220.00 $82,005.00 State Surcharge $4,167.25 $475.31 $12,941.64 $12,648.39 Builders Fees and Deposits $47,500.00 $15,000.00 $136,300 $85,000.00 TOTAL $290,890.81 $107,482.33 $853,884.79 $602,958.39 CITY OF PRIOR LAKE BUILDING PERMIT SUMMARY APRIL 1, 2021 - APRIL 30, 2021 New Residential APRIL 2021 APRIL 2020 2021 YEAR TO DATE 2020 YEAR TO DATE New Residential Additions and Alterations Additions and Alterations t Mechanical permits include but are not limited to furnaces, water heaters, softeners, and fireplaces. They are flat-rate permit fees. tt Mechanical (SF & TH) permits include required plumbing, heating, sewer and water and fireplace permits for new single family residences. They are flat-rate permit fees. Mary Olson Mary Olson, Development Services Assistant City of Prior Lake Treasurers Report April 2021 Fund 4/1/2021 4/30/2021 Fund Type & Name No. Balance Receipts Disbursements Balance Business-Type Funds Water Fund 601 5,511,973.65$ 541,107.70$ 214,038.37$ 5,839,042.98$ Sewer Fund 604 2,578,393.91 607,316.45 229,145.02 2,956,565.34 Water Quality Fund 602 1,972,664.68 207,119.15 29,125.33 2,150,658.50 Total Business-Type Funds 10,063,032.24$ 1,355,543.30$ 472,308.72$ 10,946,266.82$ Governmental-Type Funds General Fund 101 8,961,764.79$ 536,415.70$ 1,212,504.12$ 8,285,676.37$ Special Revenue Funds Cable Franchise Fund 210 96,232.15$ 6,069.84$ 3,576.00$ 98,725.99$ Capital Park Fund 225 1,655,588.58 21,544.72 31,377.52 1,645,755.78 Police Forfeiture Fund 235 165,891.23 161.82 2,338.75 163,714.30 EDA Special Revenue 240 410,158.98 724.66 10,766.25 400,117.39 Econ Dev Federal Revolving Loan Fund 250 131,957.32 130.56 - 132,087.88 Econ Dev MN Revolving Loan Fund 255 174.52 0.17 - 174.69 Developer Agreement Fund 260 960,232.20 1,797.91 19,497.78 942,532.33 Total Special Revenue Funds 3,420,234.98$ 30,429.68$ 67,556.30$ 3,383,108.36$ Capital Project Funds Tax Increment 402 16,791.70$ 16.59$ 23.06$ 16,785.23$ TIF #1-3 413 109,510.76 108.35 - 109,619.11 TIF #3-1 414 263,508.80 260.72 - 263,769.52 TIF #5-1 416 10,589.81 10.48 - 10,600.29 TIF #6-1 417 428,220.48 423.69 - 428,644.17 TIF #1-4 418 1,373.00 1.36 - 1,374.36 TIF #1-5 419 26,472.87 26.19 - 26,499.06 Revolving Equipment Fund 410 623,426.58 23,808.19 31,931.51 615,303.26 Revolving Park Equipment Fund 430 1,210,312.63 1,195.13 2,392.56 1,209,115.20 Facilities Management Fund 440 523,062.14 517.52 - 523,579.66 Permanent Impr Revolving Fund 450 348,591.59 2,138.27 - 350,729.86 Construction Fund 501 1,073,645.28 1,004.70 58,189.21 1,016,460.77 Trunk Reserve Fund 502 4,081,045.04 35,101.22 - 4,116,146.26 Street Oversize Fund 503 1,344,186.50 1,329.95 - 1,345,516.45 Water Storage Fund 505 634,741.59 916.79 - 635,658.38 Total Capital Project Funds 10,695,478.77$ 66,859.15$ 92,536.34$ 10,669,801.58$ Debt Service Funds 314-351 & 549-573 $ 2,765,029.50 8,224.40$ -$ 2,773,253.90$ Agency Fund 801 691,872.50$ 47,500.00$ 2,500.00$ 736,872.50$ Total Governmental Type Funds 26,534,380.54$ 689,428.93$ 1,375,096.76$ 25,848,712.71$ Internal Service Funds 7xx 534,942.65$ 3,717.78$ -$ 538,660.43$ Total All Funds 37,132,355.43$ 2,048,690.01$ 1,847,405.48$ 37,333,639.96$ Investment Pool & Ratio as of 4/30/2021 97.72% 36,481,436.76$ This report does not reflect financial obligations from contracts, agreements, purchases, services received, etc. TREASURER’S REPORT FUND DESCRIPTIONS General Fund - Represents the resources to support general operating budget expenditures of the City. The year- end fund balance represents dollars that have accumulated over a period of time. The City Council has designated a minimum of 45% of the current operating budget, for working capital to finance city operations. Water Fund - For the collection of water billing utility revenue. This enterprise fund balance is allocated for the operational costs of the Water departments and normally reserved for large capital municipal system expenses. Sewer Fund - For the collection of sewer billing utility revenue. This enterprise fund balance is allocated for the operational costs of the Sewer department and normally reserved for large capital municipal system expenses. Water Quality Fund - An enterprise account funded by the storm water charge that is generated on the bi-monthly water and sewer utility bills. The funds in the account are dedicated to finance water quality improvements including departmental administration, storm water maintenance operations and improvement projects related to water quality. Cable Franchise Fund - Acts as a clearing house for funds received from the cable franchise company as specified by ordinance. Capital Park Fund - Dedicated funds received from developers in accordance with the City’s Park Dedication requirement when land is platted. Funds are collected for the purpose of developing the City’s neighborhood park and trail system. These dollars are programmed throughout the course of the City’s Capital Improvement Program. Police Forfeiture Fund – Special revenue fund created to track criminal and DWI forfeiture revenues and expenditures. ED Special Revenue – Reserved and expended at the direction of the Prior Lake Economic Development Authority for specific economic development activity as allowed by MN Statute. The purpose is to provide economic incentives for new business expansion within the community. ED Fed/MN Loan Funds - Accounts for the proceeds of economic development grants received either from the federal government or the State of Minnesota to provide seed money for a revolving loan account. This provides economic incentive for new business expansion within the community. DAG Special Revenue Fund - Special revenue fund related to costs the City incurs in connection with a subdivision. Fees are paid to the City by the developer when the Development Contract and Final Plat are approved by City Council. Revenues are used to pay for legal expenses incurred with review and approval of the plat and inspection services on developer installed-utilities for newly approved subdivisions within Prior Lake. Water Revenue Bond Fund – PW Bldg - Debt service fund to pay bonds issued to construct the public works maintenance building. The capital facility charge generated on the utility bill provides the funding for the bond payments which occur semi-annually. Funds are transferred from Sewer and Water Fund. Water Revenue Bond Fund – WT Plant - Debt service fund to pay bonds issued to construct the water treatment plant. Revenue from the utility bills provides the funding for the bond payments which occur semi-annually. Funds are transferred from Sewer and Water Fund. Tax Increment Funds - Represents an accumulation of funds such as bond proceeds and project administration fees charged to companies requesting project write-downs in the form of tax increment financing for new and/or redevelopment. The TIF district property taxes are then deposited in a number of tax increment funds established to track their respective revenue. Revolving Equipment Fund - A regular replacement schedule for equipment needs of the City in excess of $5,000 has been adopted. Periodic fund transfers are appropriated to provide a funding source for the acquisition and purchase of new and replacement vehicles and equipment. Revolving Park Equipment Fund – Consists of funds reserved for the replacement of park equipment. Facilities Management Fund – Established in conjunction with the Facilities Management Plan (FMP). The FMP provides a schedule of major repairs, replacements and upgrades to all of the City facilities. Permanent Improvement Revolving Fund – Consists of funds available for annual street mill and overlay projects with any remaining funds to be used to provide upfront funding for future improvements. Construction Fund - Represent unexpended bond proceeds that are reserved to pay for improvement projects approved by the City Council on an annual basis. These dollars are necessary to complete outstanding construction contracts and related engineering and professional services. Street Oversize Fund - Consists of dedicated revenue generated by fees associated with new development and new construction building permits for the funding of pedestrian related improvements i.e., bikeways, sidewalks, trails plus right of way acquisition along collector streets and occasional collector street links. Trunk Reserve Fund - Consists of dedicated revenue generated from utility connection permits and acreage fees assessed at time of sewer and water installation for the recovering of trunk oversizing costs and central municipal system improvements i.e., wells lift stations, force mains, etc. These dollars are programmed throughout the course of the City’s capital improvement plan. Water Storage Fund - Accounts for the water tower fee that is charged and collected on building permits. This fund balance is 100% reserved for the construction of elevated and ground water storage facilities. Debt Service Funds - Represents prepayments of special assessments, property tax collections and special levies needed to pay the outstanding bonded indebtedness of the City. This fund balance is 100% reserved for the payment of bond principal and interest. Agency Fund - Accounts for the residential building permit deposit that is refunded to the building contractor upon final inspection. This provides financial assurance that the property site will be adequately cleaned up and debris free before an occupancy permit is granted. Severance Compensation Fund – Internal Service Fund established to partially fund the City’s compensated absence liability associated with the accrued vacation and sick leave for employees upon termination as recommended by the State Auditor’s Office. Insurance Fund – Internal Service Fund established to track revenues and expenditures related to insurance funds. City of Prior Lake Treasurers Report April 2021 Fund Type & Name Fund Balance Classification Constraints Business-Type Funds Water Fund Unrestricted Identified on utility bill for this purpose Sewer Fund Unrestricted Identified on utility bill for this purpose Water Quality Fund Unrestricted Identified on utility bill for this purpose Governmental-Type Funds General Fund Unassigned Cash flow, emergencies, one-time opportunities Special Revenue Funds Cable Franchise Fund Assigned for communications Statutory obligation to use for PEG access Capital Park Fund Assigned for capital improvements Contractually obligated; park dedication fees EDA Special Revenue Assigned for development Economic Development Econ Dev Federal Revolving Loan Fund Restricted for economic development Economic Development Econ Dev MN Revolving Loan Fund Restricted for economic development Economic Development Developer Agreement Fund Assigned for development Contractually obligated; Capital Project Funds Tax Increment Restricted for tax increment Contractually obligated by tax increment agreements TIF #1-3 Restricted for tax increment Contractually obligated by tax increment agreements TIF #1-4 Restricted for tax increment Contractually obligated by tax increment agreements TIF #3-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF #4-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF #5-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF #6-1 Restricted for tax increment Contractually obligated by tax increment agreements Revolving Equipment Fund Assigned for capital improvements Identified for equipment replacement Revolving Park Equipment Fund Assigned for capital improvements Identified for park equipment replacement Facilities Management Fund Assigned for capital improvements Identified for funding Facilities Management Plan Permanent Improvement Revolving Fund Assigned for capital improvements Identified for funding street improvement projects Construction Fund Restricted for capital improvements Construction projects in progress Trunk Reserve Fund Assigned for capital improvements Contractually obligated by developer agreements Street Oversize Fund Assigned for capital improvements Contractually obligated by developer agreements Water Storage Fund Assigned for capital improvements Contractually obligated by developer agreements Debt Service Funds Restricted for Debt Service Reserved for contractually obligated debt service Agency Fund N/A Escrows to be reimbursed to depositors Internal Service Funds Unrestricted Identified as payment for severance compensation and insurance Finance Plan City of Prior Lake, Minnesota $6,240,000 General Obligation Bonds, Series 2021A May 17, 2021 150 South 5th Street, Suite 3300 Minneapolis, MN 55402 612-851-5900 800-851-2920 www.northlandsecurities.com Member FINRA and SIPC | Registered with SEC and MSRB Contents Executive Summary Issue Overview Purpose Authority Structure Security and Source of Repayment Plan Rationale Issuing Process Attachment 1 – Preliminary Debt Service Comparison Attachment 2 – Preliminary Debt Service Schedule Attachment 3 – Estimated Levy Schedule Attachment 4 – Related Considerations Bank Qualification Arbitrage Compliance Continuing Disclosure Premiums Rating Attachment 5 – Calendar of Events Attachment 6 - Risk Factors Northland Securities, Inc. Page 2 Executive Summary The following is a summary of the recommended terms for the issuance of $6,240,000 General Obligation Bonds, Series 2021A (the “Bonds”). Additional information on the proposed finance plan and issuing process can be found after the Executive Summary, in the Issue Overview and Attachment 4 – Related Considerations. Purpose Proceeds from the Bonds will be used to finance the City’s 2021 street reconstruction projects, the purchase of a fire pumper, and to refund the City’s General Obligation Bonds, Series 2011B; and to finance the costs associated with the issuance of the Bonds. Security The Bonds will be a general obligation of the City. The City will pledge special assessments and property tax levies for payment of the Bonds. Repayment Term The Bonds will mature annually each December 15 in the years 2021 through 2031. Interest on the Bonds will be payable on December 15, 2021 and semiannually thereafter on each June 15 and December 15. Estimated Interest Rate Average coupon: 1.07% True interest cost (TIC): 1.23% Prepayment Option Bonds maturing on and after December 15, 2030 will be subject to redemption on December 15, 2029 and any day thereafter at a price of par plus accrued interest. Rating A rating will be requested from Standard and Poor’s (S&P). The City’s general obligation debt is currently rated "AA+" by S&P. Tax Status The Bonds will be tax-exempt, bank qualified obligations. Risk Factors There are certain risks associated with all debt. Risk factors related to the Bonds are discussed in Attachment 6. Type of Bond Sale Public Sale – Competitive Bids Proposals Received Monday, June 21, 2021 @ 10:00 A.M. Council Consideration Monday, June 21, 2021 @ 7:00 P.M. Northland Securities, Inc. Page 3 Issue Overview Purpose Proceeds from the Bonds will be used to finance the following: • the 2021 street reconstruction projects, which include multiple streets as provided in the City’s Street Reconstruction Plan adopted on November 16, 2020 (the “Street Reconstruction Portion”); • purchase of a fire pumper (the “Equipment Portion” and together with the Street Reconstruction Portion, the “New Money Portion”); • The current refunding of the 2021 through 2031 maturities of the City’s General Obligation Bonds, Series 2011B (the “Series 2011B Bonds”) on July 26, 2021, consisting of a Fire Hall Portion, an Improvement Portion and a Street Reconstruction Portion (the “Refunding Portion”). The proceeds will also be used to pay costs associated with issuing the Bonds. The Bonds have been sized based on cost estimates provided by City Staff and the proceeds required to call the Refunding Portion. The table below contains the estimated sources and uses of funds for the bond issue. The Series 2011B Bonds maturing on and after December 15, 2021 became eligible for call and prepayment on December 15, 2020. A portion of the proceeds will be wired to Northland Trust Services, Inc., Paying Agent on the Series 2011B Bonds, on July 15, 2021 and used to prepay the Series 2011B Bonds on July 26, 2021. Based on current market conditions, plus a rate cushion of 0.25%, we have estimated total combined savings of $279,467 with a present value of $264,661, for the refunding of the Series 2011B Bonds. The Debt Service Comparison can be found in Attachment 1. Authority The Bonds will be issued pursuant to the authority of Minnesota Statutes, Chapters 429 and 475, Sections 475.58, Subdivision 3b., 412.301, 469.174-469.1794, and 475.521. Street Reconstruction Portion Under Section 475.58, Subdivision 3b., street reconstruction bonds can be used to finance the reconstruction and bituminous overlay of existing city streets. Eligible improvements may include turn lanes and other improvements having a substantial public safety function, Street Reconstruction (Fish Point) Equipment (Fire Pumper) 2011B Refunding Portion (Fire Hall) 2011B Improvement Portion 2011B Street Reconstruct ion Portion Issue Summary Sources Of Funds Par Amount of Bonds $2,475,000.00 $550,000.00 $2,715,000.00 $375,000.00 $125,000.00 $6,240,000.00 Total Sources $2,475,000.00 $550,000.00 $2,715,000.00 $375,000.00 $125,000.00 $6,240,000.00 Uses Of Funds Deposit to Current Refunding Fund --2,668,898.99 370,958.66 120,310.92 3,160,168.57 Deposit to Project Construction Fund 2,420,839.00 537,000.00 ---2,957,839.00 Total Underwriter's Discount (0.900%)22,275.00 4,950.00 24,435.00 3,375.00 1,125.00 56,160.00 Costs of Issuance 19,823.02 4,405.11 21,745.23 3,003.48 1,001.16 49,978.00 Deposit to Capitalized Interest (CIF) Fund 9,471.88 1,977.08 ---11,448.96 Rounding Amount 2,591.10 1,667.81 (79.22)(2,337.14)2,562.92 4,405.47 Total Uses $2,475,000.00 $550,000.00 $2,715,000.00 $375,000.00 $125,000.00 $6,240,000.00 Northland Securities, Inc. Page 4 realignments, other modifications to intersect with state and county roads and the local share of state and county road projects. Eligible improvements do not include the portion of project cost allocable to widening a street or adding curbs and gutters where none previously existed. Before issuing street reconstruction bonds, the City must hold a public hearing on the street reconstruction project and the proposed bonds, and then must pass a resolution approving the Street Reconstruction Plan and issuance of street reconstruction bonds. The City held the required public hearing and approved the Street Reconstruction Plan on November 16, 2020. Equipment Portion Under Section 412.301, Capital Equipment includes, but is not limited to, road construction and maintenance equipment, public safety equipment and computer hardware and software, which must have a useful life at least as long as the term of the debt issued to finance the equipment . The term of the Bonds cannot exceed 10 years from the date of issuance. If the amount of the Equipment Portion of the Bonds exceeds 0.25% of the estimated market value of the taxable property in the City, a reverse referendum provision applies. The City’s estimated market value for taxes payable in 2021 is $4,190,057,200 ($4,190,057,200 x 0.0025 = $10,475,143). Since the Equipment Portion of the Bonds does not exceed $10,475,143 the reverse referendum provision does not apply. Refunding Portion All requirements of Chapter 429, Section 475.521 and Section 475.58, Subdivision 3b were satisfied prior to the issuance of the Series 2011B Bonds. Structure The Street Reconstruction Portion of the Bonds are structured with relatively level debt service payments over 10 years. The Equipment Portion of the Bonds is structured with relatively level debt service payments over 9 years to be within the statutory maximum number of years. The Refunding Portion of the Bonds is structured to result in relatively level savings over the remaining life of the Refunding Bonds, preserving the original structure of the Series 2011B Bonds. The proposed structures for the bond issue and preliminary debt service projections for each portion of the bond issue are illustrated in Attachment 2 and the estimated levies are illustrated in Attachment 3. Security and Source of Repayment The Bonds will be general obligations of the City. The finance plan relies on the following assumptions for the revenues used to pay debt service, as provided by City staff: • Special Assessments. The City expects to collect $20,015, inclusive of interest, in special assessment collections in 2021 and $19,277, inclusive of interest, in special assessments in 2022 for the 2011B Improvement Portion of the Bonds. In addition, although not pledged to the payment of the Bonds, the City anticipates levying $562,320 in special assessments to reduce the levy on the Street Reconstruction Portion of the Bonds. The special assessments will be assessed at a rate of 2% over the average coupon (currently estimated to be 3.05%) and spread over 10 years with equal annual principal payments. • Property Taxes. The remaining revenues needed to pay debt service on the Bonds are expected to come from property tax levies. The initial projections show that for the Bonds, an annual net levy ranging from $448,471 to $749,269 is needed to meet the 105% Northland Securities, Inc. Page 5 statutory requirement. The levy may be adjusted annually based on actual monies in the debt service fund. The initial levy will be made in 2021 for taxes payable in 2022 for the New Money Portion of the Bonds. Given the timing of the initial revenue from the tax levy, capitalized interest will be included in the bond issue to cover New Money Portion of the first interest payment due on December 15, 2021, before the first tax collections are received for the New Money Portion of the Bonds. Plan Rationale The Finance Plan recommended in this report is based on a variety of factors and information provided by the City related to the financed project and City objectives, Northland’s knowledge of the City and our experience in working with similar cities and projects. The issuance of General Obligation Bonds provides the best means of achieving the City’s objectives and cost- effective financing. The City has successfully issued and managed this type of debt for previous projects. Issuing Process Northland will receive bids from underwriters to purchase the Bonds on Monday, June 21, 2021 at 10:00 A.M. Market conditions and the marketability of the Bonds support issuance through a competitive sale. This process has been chosen as it is intended to produce the lowest combination of interest expense and underwriting expense on the structure, date and time set to receive bids. The calendar of events for the issuing process can be found in Attachment 4. Municipal Advisor: Northland Securities, Inc., Minneapolis, Minnesota Bond Counsel: Taft Stettinius & Hollister, LLP, Minneapolis, Minnesota Paying Agent: Northland Trust Services, Inc. Minneapolis, Minnesota Northland Securities, Inc. Page 6 Attachment 1 – Preliminary Debt Service Comparison Series 2011B Date Total P+I Net New D/S Old Net D/S Savings 12/15/2021 446,177.08 446,030.52 464,642.50 18,611.98 12/15/2022 475,085.00 475,085.00 505,045.00 29,960.00 12/15/2023 238,060.00 238,060.00 265,057.50 26,997.50 12/15/2024 251,985.00 251,985.00 280,182.50 28,197.50 12/15/2025 265,605.00 265,605.00 289,485.00 23,880.00 12/15/2026 268,890.00 268,890.00 293,160.00 24,270.00 12/15/2027 276,765.00 276,765.00 301,320.00 24,555.00 12/15/2028 284,165.00 284,165.00 308,670.00 24,505.00 12/15/2029 291,195.00 291,195.00 315,030.00 23,835.00 12/15/2030 292,835.00 292,835.00 320,910.00 28,075.00 12/15/2031 299,130.00 299,130.00 325,710.00 26,580.00 Total $3,389,892.08 $3,389,745.52 $3,669,212.50 $279,466.98 PV Analysis Summary (Net to Net) Gross PV Debt Service Savings.....................264,514.11 Net PV Cashflow Savings @ 1.062%(Bond Yield).....264,514.11 Contingency or Rounding Amount....................146.56 Net Present Value Benefit $264,660.67 Net PV Benefit / $3,480,174.80 PV Refunded Debt Service 7.605% Net PV Benefit / $3,150,000 Refunded Principal...8.402% Net PV Benefit / $3,215,000 Refunding Principal..8.232% Northland Securities, Inc. Page 7 Attachment 2 – Preliminary Debt Service Schedule Total Combined *Based on preliminary “AA+” rates as of May 7, plus 0.25%. Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 435,000.00 0.400%22,626.04 457,626.04 457,626.04 06/15/2022 --26,281.25 26,281.25 - 12/15/2022 750,000.00 0.450%26,281.25 776,281.25 802,562.50 06/15/2023 --24,593.75 24,593.75 - 12/15/2023 515,000.00 0.500%24,593.75 539,593.75 564,187.50 06/15/2024 --23,306.25 23,306.25 - 12/15/2024 530,000.00 0.600%23,306.25 553,306.25 576,612.50 06/15/2025 --21,716.25 21,716.25 - 12/15/2025 550,000.00 0.700%21,716.25 571,716.25 593,432.50 06/15/2026 --19,791.25 19,791.25 - 12/15/2026 555,000.00 0.850%19,791.25 574,791.25 594,582.50 06/15/2027 --17,432.50 17,432.50 - 12/15/2027 565,000.00 1.000%17,432.50 582,432.50 599,865.00 06/15/2028 --14,607.50 14,607.50 - 12/15/2028 580,000.00 1.100%14,607.50 594,607.50 609,215.00 06/15/2029 --11,417.50 11,417.50 - 12/15/2029 600,000.00 1.200%11,417.50 611,417.50 622,835.00 06/15/2030 --7,817.50 7,817.50 - 12/15/2030 605,000.00 1.300%7,817.50 612,817.50 620,635.00 06/15/2031 --3,885.00 3,885.00 - 12/15/2031 555,000.00 1.400%3,885.00 558,885.00 562,770.00 Total $6,240,000.00 -$364,323.54 $6,604,323.54 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $34,190.00 Average Life 5.479 Years Average Coupon 1.0655851% Net Interest Cost (NIC)1.2298436% True Interest Cost (TIC)1.2333944% All Inclusive Cost (AIC)1.3880332% Northland Securities, Inc. Page 8 Street Reconstruction Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 --9,471.88 9,471.88 9,471.88 06/15/2022 --11,366.25 11,366.25 - 12/15/2022 240,000.00 0.450%11,366.25 251,366.25 262,732.50 06/15/2023 --10,826.25 10,826.25 - 12/15/2023 240,000.00 0.500%10,826.25 250,826.25 261,652.50 06/15/2024 --10,226.25 10,226.25 - 12/15/2024 240,000.00 0.600%10,226.25 250,226.25 260,452.50 06/15/2025 --9,506.25 9,506.25 - 12/15/2025 245,000.00 0.700%9,506.25 254,506.25 264,012.50 06/15/2026 --8,648.75 8,648.75 - 12/15/2026 245,000.00 0.850%8,648.75 253,648.75 262,297.50 06/15/2027 --7,607.50 7,607.50 - 12/15/2027 245,000.00 1.000%7,607.50 252,607.50 260,215.00 06/15/2028 --6,382.50 6,382.50 - 12/15/2028 250,000.00 1.100%6,382.50 256,382.50 262,765.00 06/15/2029 --5,007.50 5,007.50 - 12/15/2029 255,000.00 1.200%5,007.50 260,007.50 265,015.00 06/15/2030 --3,477.50 3,477.50 - 12/15/2030 255,000.00 1.300%3,477.50 258,477.50 261,955.00 06/15/2031 --1,820.00 1,820.00 - 12/15/2031 260,000.00 1.400%1,820.00 261,820.00 263,640.00 Total $2,475,000.00 -$159,209.38 $2,634,209.38 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $14,831.25 Average Life 5.992 Years Average Coupon 1.0734724% Net Interest Cost (NIC)1.2236621% True Interest Cost (TIC)1.2267699% All Inclusive Cost (AIC)1.3680873% Northland Securities, Inc. Page 9 Equipment Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 --1,977.08 1,977.08 1,977.08 06/15/2022 --2,372.50 2,372.50 - 12/15/2022 60,000.00 0.450%2,372.50 62,372.50 64,745.00 06/15/2023 --2,237.50 2,237.50 - 12/15/2023 60,000.00 0.500%2,237.50 62,237.50 64,475.00 06/15/2024 --2,087.50 2,087.50 - 12/15/2024 60,000.00 0.600%2,087.50 62,087.50 64,175.00 06/15/2025 --1,907.50 1,907.50 - 12/15/2025 60,000.00 0.700%1,907.50 61,907.50 63,815.00 06/15/2026 --1,697.50 1,697.50 - 12/15/2026 60,000.00 0.850%1,697.50 61,697.50 63,395.00 06/15/2027 --1,442.50 1,442.50 - 12/15/2027 60,000.00 1.000%1,442.50 61,442.50 62,885.00 06/15/2028 --1,142.50 1,142.50 - 12/15/2028 60,000.00 1.100%1,142.50 61,142.50 62,285.00 06/15/2029 --812.50 812.50 - 12/15/2029 65,000.00 1.200%812.50 65,812.50 66,625.00 06/15/2030 --422.50 422.50 - 12/15/2030 65,000.00 1.300%422.50 65,422.50 65,845.00 Total $550,000.00 -$30,222.08 $580,222.08 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $3,014.17 Average Life 5.480 Years Average Coupon 1.0026678% Net Interest Cost (NIC)1.1668923% True Interest Cost (TIC)1.1704877% All Inclusive Cost (AIC)1.3241765% Northland Securities, Inc. Page 10 2011B Fire Hall Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 180,000.00 0.400%10,292.71 190,292.71 190,292.71 06/15/2022 --11,991.25 11,991.25 - 12/15/2022 205,000.00 0.450%11,991.25 216,991.25 228,982.50 06/15/2023 --11,530.00 11,530.00 - 12/15/2023 215,000.00 0.500%11,530.00 226,530.00 238,060.00 06/15/2024 --10,992.50 10,992.50 - 12/15/2024 230,000.00 0.600%10,992.50 240,992.50 251,985.00 06/15/2025 --10,302.50 10,302.50 - 12/15/2025 245,000.00 0.700%10,302.50 255,302.50 265,605.00 06/15/2026 --9,445.00 9,445.00 - 12/15/2026 250,000.00 0.850%9,445.00 259,445.00 268,890.00 06/15/2027 --8,382.50 8,382.50 - 12/15/2027 260,000.00 1.000%8,382.50 268,382.50 276,765.00 06/15/2028 --7,082.50 7,082.50 - 12/15/2028 270,000.00 1.100%7,082.50 277,082.50 284,165.00 06/15/2029 --5,597.50 5,597.50 - 12/15/2029 280,000.00 1.200%5,597.50 285,597.50 291,195.00 06/15/2030 --3,917.50 3,917.50 - 12/15/2030 285,000.00 1.300%3,917.50 288,917.50 292,835.00 06/15/2031 --2,065.00 2,065.00 - 12/15/2031 295,000.00 1.400%2,065.00 297,065.00 299,130.00 Total $2,715,000.00 -$172,905.21 $2,887,905.21 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $15,891.25 Average Life 5.853 Years Average Coupon 1.0880529% Net Interest Cost (NIC)1.2418168% True Interest Cost (TIC)1.2453892% All Inclusive Cost (AIC)1.3903651% Northland Securities, Inc. Page 11 2011B Improvement Portion 2011B Street Reconstruction Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 190,000.00 0.400%663.54 190,663.54 190,663.54 06/15/2022 --416.25 416.25 - 12/15/2022 185,000.00 0.450%416.25 185,416.25 185,832.50 Total $375,000.00 -$1,496.04 $376,496.04 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $341.25 Average Life 0.910 Years Average Coupon 0.4384000% Net Interest Cost (NIC)1.4274110% True Interest Cost (TIC)1.4394696% All Inclusive Cost (AIC)2.3446215% Date Principal Coupon Interest Total P+I Fiscal Total 07/15/2021 ----- 12/15/2021 65,000.00 0.400%220.83 65,220.83 65,220.83 06/15/2022 --135.00 135.00 - 12/15/2022 60,000.00 0.450%135.00 60,135.00 60,270.00 Total $125,000.00 -$490.83 $125,490.83 - Date And Term Structure Dated 7/15/2021 Delivery Date 7/15/2021 First available call date 12/15/2029 Call Price 100.000% Yield Statistics Bond Year Dollars $112.08 Average Life 0.897 Years Average Coupon 0.4379152% Net Interest Cost (NIC)1.4416327% True Interest Cost (TIC)1.4539216% All Inclusive Cost (AIC)2.3727118% Northland Securities, Inc. Page 12 Attachment 3 – Estimated Levy Schedule Street Reconstruction Portion Equipment Portion 2011B Refunding Portion (Fire Hall) Date Total P+I CIF 105% Levy Less: Special Assessment Revenue*Net Levy Levy Year Collection Year 12/15/2021 9,471.88 (9,471.88)--- 12/15/2022 262,732.50 -275,869.13 74,145.02 201,724.11 2021 2022 12/15/2023 261,652.50 -274,735.13 71,667.68 203,067.45 2022 2023 12/15/2024 260,452.50 -273,475.13 69,952.60 203,522.53 2023 2024 12/15/2025 264,012.50 -277,213.13 68,237.54 208,975.59 2024 2025 12/15/2026 262,297.50 -275,412.38 66,522.46 208,889.92 2025 2026 12/15/2027 260,215.00 -273,225.75 64,807.38 208,418.37 2026 2027 12/15/2028 262,765.00 -275,903.25 63,092.30 212,810.95 2027 2028 12/15/2029 265,015.00 -278,265.75 61,377.22 216,888.53 2028 2029 12/15/2030 261,955.00 -275,052.75 59,662.16 215,390.59 2029 2030 12/15/2031 263,640.00 -276,822.00 57,947.08 218,874.92 2030 2031 Total $2,634,209.38 (9,471.88)$2,755,974.38 $657,411.44 $2,098,562.94 The City anticipates levying special assessments for the Street Reconstruction Portion of the Bonds. Special assessment revenue is based on assessments totaling $562,320 assessed at a rate of 3.05% (2% over the average coupon), with equal principal payments spread over 10 years. Date Total P+I CIF 105% Levy Levy Year Collection Year 12/15/2021 1,977.08 (1,977.08)- 12/15/2022 64,745.00 -67,982.25 2021 2022 12/15/2023 64,475.00 -67,698.75 2022 2023 12/15/2024 64,175.00 -67,383.75 2023 2024 12/15/2025 63,815.00 -67,005.75 2024 2025 12/15/2026 63,395.00 -66,564.75 2025 2026 12/15/2027 62,885.00 -66,029.25 2026 2027 12/15/2028 62,285.00 -65,399.25 2027 2028 12/15/2029 66,625.00 -69,956.25 2028 2029 12/15/2030 65,845.00 -69,137.25 2029 2030 Total $580,222.08 (1,977.08)$607,157.25 Date Total P+I 105% Levy Levy Year Collection Year 12/15/2021 190,292.71 199,807.35 2020 2021 12/15/2022 228,982.50 240,431.63 2021 2022 12/15/2023 238,060.00 249,963.00 2022 2023 12/15/2024 251,985.00 264,584.25 2023 2024 12/15/2025 265,605.00 278,885.25 2024 2025 12/15/2026 268,890.00 282,334.50 2025 2026 12/15/2027 276,765.00 290,603.25 2026 2027 12/15/2028 284,165.00 298,373.25 2027 2028 12/15/2029 291,195.00 305,754.75 2028 2029 12/15/2030 292,835.00 307,476.75 2029 2030 12/15/2031 299,130.00 314,086.50 2030 2031 Total $2,887,905.21 $3,032,300.47 Northland Securities, Inc. Page 13 2011B Improvement Portion 2011B Street Reconstruction Portion Date Total P+I 105% Levy Less: Special Assessment Revenue*Net Levy Levy Year Collection Year 12/15/2021 190,663.54 200,196.72 20,015.00 180,181.72 2020 2021 12/15/2022 185,832.50 195,124.13 19,277.00 175,847.13 2021 2022 Total $376,496.04 $395,320.84 $39,292.00 $356,028.84 The City expects special assessment collections for the remaining two years of the 2011B Improvement portion to be $20,015 in 2021 and $19,277 in 2022, inclusive of principal and interest. Date Total P+I 105% Levy Levy Year Collection Year 12/15/2021 65,220.83 68,481.87 2020 2021 12/15/2022 60,270.00 63,283.50 2021 2022 Total $125,490.83 $131,765.37 Northland Securities, Inc. Page 14 Attachment 4 – Related Considerations Bank Qualification We understand the City (in combination with any subordinate taxing jurisdictions or debt issued in the City’s name by 501(c)3 corporations) anticipates issuing $10,000,000 or less in tax- exempt debt during this calendar year. The Refunding Portion of the Bonds, along with the General Obligation Refunding Bonds, Series 2021B that will be issued by the City will be “deemed designated Bank Qualified,” with their original Bank Qualified status carrying forward. Since the size of the New Money Portion of the bonds is less than $10,000,000, it can be designated in the current calendar year as Bank Qualified. Therefore, the both the Series 2021A and 2021B Bond issues will be “bank qualified” obligations pursuant to Federal Tax Law, despite a combined issuance size that exceeds $10,000,000. Arbitrage Compliance Project/Construction Fund. All tax-exempt bond issues are subject to federal rebate requirements which require all arbitrage earned to be rebated to the U.S. Treasury. The rebate exemptions the City expects to qualify for is the “24-month spending exception” for the New Money Portion and the “6-month spending exception” for the Refunding Portion. Debt Service Fund. The City must maintain a bona fide debt service fund for the Bonds or be subject to yield restriction in the debt service fund. A bona fide debt service fund involves an equal matching of revenues to debt service expense with a balance forward permitted equal to the greater of the investment earnings in the fund during that year or 1/12 of the debt service of that year. The City should become familiar with the various Arbitrage Compliance requirements for this bond issue. The Resolution for the Bonds prepared by Bond Counsel explains the requirements in greater detail. Continuing Disclosure Type: Full Dissemination Agent: Northland Securities, Inc. The requirements for continuing disclosure are governed by SEC Rule 15c2-12. The primary requirements of Rule 15c2-12 actually fall on underwriters. The Rule sets forth due diligence needed prior to the underwriter’s purchase of municipal securities. Part of this requirement is obtaining commitment from the issuer to provide continuing disclosure. The document describing the continuing disclosure commitments (the “Undertaking”) is contained in the Official Statement that will be prepared to offer the Bonds to investors. The City has more than $10,000,000 of outstanding debt and is required to undertake “full” continuing disclosure. Full disclosure requires annual posting of the audit and a separate continuing disclosure report, as well as the reporting of certain “material events.” Material events set forth in the Rule, including, but not limited to, bond rating changes, call notices, and issuance of “financial obligations” (such as USDA loans, Public Finance Authority loans and lease agreements) must be reported within ten days of occurrence. Northland currently serves as dissemination agent for the City. We will assist with getting your annual report filed in compliance with full continuing disclosure regulations. Northland Securities, Inc. Page 15 Premiums In the current market environment, it is likely that bids received from underwriters will include premiums. A premium bid occurs when the purchaser pays the City an amount in excess of the par amount of a maturity in exchange for a higher coupon (interest rate). The use of premiums reflects the bidder’s view on future market conditions, tax considerations for investors and other factors. Ultimately, the true interest cost (“TIC”) calculation will determine the lowest bid, regardless of premium. A premium bid produces additional funds that can be used in several ways: • The premium means that the City needs less bond proceeds and can reduce the size of the issue by the amount of the premium. • The premium can be deposited in the Construction Fund of the New Money Portions and used to pay additional project costs, rather than used to reduce the size of the issue. • The premium can be deposited in the Debt Service Fund and used to pay principal and interest. Northland will work with City staff prior to the sale day to determine use of premium (if any). Rating A rating will be requested from Standard and Poor’s (S&P). The City’s general obligation debt is currently rated "AA+" by S&P. The rating process will include a conference call with the rating analyst. Northland will assist City staff in preparing for and conducting the rating call. Northland Securities, Inc. Page 16 Attachment 5 – Calendar of Events The following checklist of items denotes each milestone activity as well as the members of the finance team who will have the responsibility to complete it. Please note this proposed timetable assumes regularly scheduled City Council meetings. Date Action Responsible Party April 14 General Information Certificate Sent to City Northland April 15 City confirms project costs to be financed and source of payment and plans for use of any premium that may be bid City Staff April 23 City Returns Completed General Information Certificate City Staff May 11 Set Sale Resolutions and Finance Plans Sent to City Northland, Bond Counsel May 12 Rating Request sent to S&P. Preliminary Official Statements Sent to City for Sign Off 2021A (includes new money and current refunding of Series 2011B) 2021B (includes current refunding of Series 2012A and 2014A) Northland, City May 17 Set Sale Resolutions Adopted and Review of Finance Plans Northland, Bond Counsel, City Council Action Week of May 17 or May 24 Rating Call Northland, City, Rating Agency April 2021 May 2021 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat 1 2 3 1 4 5 6 7 8 9 10 2 3 4 5 6 7 8 11 12 13 14 15 16 17 9 10 11 12 13 14 15 18 19 20 21 22 23 24 16 17 18 19 20 21 22 25 26 27 28 29 30 23 24 25 26 27 28 29 30 31 June 2021 July 2021 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 1 2 3 6 7 8 9 10 11 12 4 5 6 7 8 9 10 13 14 15 16 17 18 19 11 12 13 14 15 16 17 20 21 22 23 24 25 26 18 19 20 21 22 23 24 27 28 29 30 25 26 27 28 29 30 31 Holiday Action Date Northland Securities, Inc. Page 17 Date Action Responsible Party June 4 Rating Received Northland, City, Rating Agency June 15 Awarding Resolutions sent to City Northland, Bond Counsel June 21 Bond Sales at 10:00 a.m. (Series 2021A and 2021B) Bond Proposals Signed and Awarding Resolutions adopted – 7:00 p.m. Northland, City Council Action July 15 Closing on the Series 2021A Bonds (Proceeds Available) Proceeds for Series 2011B Refunding Wired to Paying Agent. Northland, City Staff, Bd Counsel July 26 Closing on the Series 2021B Bonds. Proceeds for Series 2012A and Series 2014A Wired to Paying Agent. Series 2011B, 2012A and 2014A Bonds Called for Redemption Paying Agent Northland Securities, Inc. Page 18 Attachment 6 - Risk Factors Property Taxes: Property tax levies shown in this Finance Plan are based on projected debt service and other revenues. Final levies will be set based on the results of sale. Levies should be reviewed annually and adjusted as needed. The debt service levy must be included in the preliminary levy for annual Truth in Taxation hearings. Future Legislative changes in the property tax system, including the imposition of levy limits and changes in c alculation of property values, would affect plans for payment of debt service. Delinquent payment of property taxes would reduce revenues available to pay debt service. Special Assessments: Special assessments may be prepaid. It is likely that the income earned on the investment of prepaid assessments will be less than the interest paid if the assessments remained outstanding. Delinquencies in assessment collections would reduce revenues needed to pay debt service. The collection of deferred assessments, if any, has not been included in the revenue projections. Projected assessment income should be reviewed annually and adjusted as needed. General: In addition to the risks described above, there are certain general risks associated with the issuance of bonds. These risks include, but are not limited to: • Failure to comply with covenants in bond resolution. • Failure to comply with Undertaking for continuing disclosure. • Failure to comply with IRS regulations, including regulations related to use of the proceeds and arbitrage/rebate. The IRS regulations govern the ability of the City to issue its bonds as tax-exempt securities and failure to comply with the IRS regulations may lead to loss of tax- exemption. Finance Plan City of Prior Lake, Minnesota $6,995,000 General Obligation Refunding Bonds, Series 2021B May 17, 2021 150 South 5th Street, Suite 3300 Minneapolis, MN 55402 612-851-5900 800-851-2920 www.northlandsecurities.com Member FINRA and SIPC | Registered with SEC and MSRB Contents Executive Summary Issue Overview Purpose Authority Structure Security and Source of Repayment Plan Rationale Issuing Process Attachment 1 – Preliminary Debt Service Comparison Attachment 2 – Preliminary Debt Service Schedules Attachment 3 – Preliminary Levy Schedules Attachment 4 – Related Considerations Bank Qualification Arbitrage Compliance Continuing Disclosure Premiums Rating Attachment 5 – Calendar of Events Attachment 6 - Risk Factors Northland Securities, Inc. Page 2 Executive Summary The following is a summary of the recommended terms for the issuance of $6,995,000 General Obligation Refunding Bonds, Series 2021B (the “Bonds”). This issue will be sold concurrently with the City’s Series 2021A Bonds, described in a separate Finance Plan. Additional information on the proposed finance plan and issuing process can be found after the Executive Summary, in the Issue Overview and Attachment 5 – Related Considerations. Purpose Proceeds from the Bonds will be used to current refund the outstanding maturities of the City’s General Obligation Capital Improvement Plan Bonds Series 2012A and the outstanding maturities of the City’s General Obligation Bonds, Series 2014A on July 26, 2021, and to pay costs associated with the issuance of the Bonds. Security The Bonds will be a general obligation of the City. The City will pledge ad valorem taxes for payment of the Bonds. Repayment Term The Bonds will mature annually each December 15 in the years 2021 through 2029. Interest on the Bonds will be payable on December 15, 2021 and semiannually thereafter on each June 15 and December 15. Estimated Interest Rate Average coupon: 0.91% True interest cost (TIC): 1.13% Prepayment Option The Bonds will not be subject to prepayment prior to maturity. Rating A rating will be requested from Standard & Poor’s Rating Agency. The City’s general obligation debt is currently rated "AA+” by S&P. Tax Status The Bonds will be tax-exempt, bank qualified obligations. Risk Factors There are certain risks associated with all debt. Risk factors related to the Bonds are discussed in Attachment 5. Type of Bond Sale Public Sale – Competitive Bids Proposals Received Monday, June 21, 2021 @ 10:00 A.M. Council Consideration Monday, June 21, 2021 @ 7:00 P.M. Northland Securities, Inc. Page 3 Issue Overview Purpose Proceeds from the Bonds will be used to finance the following: • a current refunding of the 2021 through 2029 maturities of the City’s General Obligation Capital Improvement Plan Bonds, Series 2012A (the “Series 2012A Bonds”) on July 26, 2021 (the “Series 2012A Portion”); • a current refunding of the 2021 through 2024 maturities of the City’s General Obligation Bonds, Series 2014A (the “Series 2014A Bonds” and together with the Series 2012A Bonds, the “Refunded Bonds”) on July 26, 2021 (the “Series 2014A Portion)”. Proceeds will also be used to pay costs associated with issuing the Bonds. The Series 2014A Bonds originally consisted of a street reconstruction portion and a refunding portion. The refunding portion of the Series 2014A Bonds has since matured. The Bonds have been sized based on proceeds required to refund the outstanding maturities of the Refunded Bonds. The table below contains the sources and uses of funds for the bond issue. The Series 2012A Bonds became eligible for prepayment on December 15, 2020. The 2021 through 2029 maturities will be called for prepayment on July 26, 2021 (the “2012A Call Date”). A portion of the proceeds of the Bonds will be wired to Northland Trust Services, Inc., the Paying Agent on the Series 2012A Bonds, on July 15, 2021 to prepay the outstanding principal and accrued interest on the Series 2012A Bonds. The Series 2014A Bonds became eligible for prepayment on December 15, 2020. The 2021 through 2024 maturities will be called for prepayment on July 26, 2021 (the “2014A Call Date”). A portion of the proceeds of the Bonds will be wired to Northland Trust Services, Inc., the Paying Agent on the Series 2014A Bonds, on July 26, 2021 to prepay the outstanding principal and accrued interest on the Series 2014A Bonds. Based on current market conditions, plus a rate cushion of 0.25%, we have estimated total combined savings of $353,725 with a present value of $341,297, for the refunding of the Series 2012A Bonds and the Series 2014A Bonds. The projected annual savings are shown in Attachment 1. 2012A CIP Refunding 2014A Street Reconstruction Portion Issue Summary Sources Of Funds Par Amount of Bonds $6,035,000.00 $960,000.00 $6,995,000.00 Total Sources $6,035,000.00 $960,000.00 $6,995,000.00 Uses Of Funds Deposit to Current Refunding Fund 5,940,700.44 947,425.83 6,888,126.27 Total Underwriter's Discount (0.900%)54,315.00 8,640.00 62,955.00 Costs of Issuance 37,510.18 5,966.82 43,477.00 Rounding Amount 2,474.38 (2,032.65)441.73 Total Uses $6,035,000.00 $960,000.00 $6,995,000.00 Northland Securities, Inc. Page 4 Authority The Bonds will be issued pursuant to the authority of Minnesota Statutes, Sections 475.58, Sub. 3b and 475.521 and Chapter 475. The City satisfied the requirements of Sections 475.58, Sub. 3b and 475.521 prior to the i ssuance of the Refunded Bonds. Structure The Bonds have been structured to result in relatively level annual savings for each of the Refunded Bond issues, preserving the original structures of the Refunded Bonds. The proposed structure for the bond issue and preliminary debt service projections are illustrated in Attachment 2 and the estimated levies are illustrated in Attachment 3. Security and Source of Repayment The Bonds will be general obligations of the City. The finance plan relies on the following assumptions for the revenues used to pay debt service, as provided by City staff: • Property Taxes. The revenues needed to pay debt service on the Bonds are expected to come from property tax levies. The initial projections show an annual tax levy ranging from approximately $607,131 in the first year to approximately $823,515 in the last year for the Series 2012A Portion of the Bonds and an average annual levy of $254,546 for the Series 2014A Portion of the Bonds is needed to produce the statutory requirement of 105% of debt service. The levy may be adjusted annually based on actual monies in the debt service fund. The initial tax levy will be made in 2021 for taxes payable in 2022. Plan Rationale The Finance Plan recommended in this report is based on a variety of factors and information provided by the City related to the financed project and City objectives, Northland’s knowledge of the City and our experience in working with similar cities and projects. The issuance of General Obligation Refunding Bonds provides the best means of achieving the City’s objectives and cost-effective financing. The City has successfully issued and managed this type of debt for previous projects. Issuing Process Northland will receive bids to purchase the Bonds on Monday, June 21, 2021 at 10:00 A.M. Market conditions and the marketability of the Bonds support issuance through a competitive sale. This process has been chosen as it is intended to produce the lowest combination of interest expense and underwriting expense on the date and time set to receive bids. The calendar of events for the issuing process can be found in Attachment 6. Municipal Advisor: Northland Securities, Inc., Minneapolis, Minnesota Bond Counsel: Taft Stettinius & Hollister LLP, Minneapolis, Minnesota Paying Agent: Northland Trust Services, Inc., Minnesota Northland Securities, Inc. Page 5 Attachment 1 – Preliminary Debt Service Comparison Total Combined 2021A Bonds Date Total P+I Net New D/S Old Net D/S Savings 12/15/2021 815,030.48 814,588.75 854,578.75 39,990.00 12/15/2022 898,697.50 898,697.50 943,657.50 44,960.00 12/15/2023 909,872.50 909,872.50 952,657.50 42,785.00 12/15/2024 930,547.50 930,547.50 969,982.50 39,435.00 12/15/2025 700,207.50 700,207.50 735,635.00 35,427.50 12/15/2026 725,552.50 725,552.50 760,800.00 35,247.50 12/15/2027 739,645.00 739,645.00 779,360.00 39,715.00 12/15/2028 762,495.00 762,495.00 801,360.00 38,865.00 12/15/2029 784,300.00 784,300.00 821,600.00 37,300.00 Total $7,266,347.98 $7,265,906.25 $7,619,631.25 $353,725.00 PV Analysis Summary (Net to Net) Gross PV Debt Service Savings.....................340,855.63 Net PV Cashflow Savings @ 0.908%(Bond Yield).....340,855.63 Contingency or Rounding Amount....................441.73 Net Present Value Benefit $341,297.36 Net PV Benefit / $7,335,855.63 PV Refunded Debt Service 4.652% Net PV Benefit / $6,870,000 Refunded Principal...4.968% Net PV Benefit / $6,995,000 Refunding Principal..4.879% Northland Securities, Inc. Page 6 Attachment 2 – Preliminary Debt Service Schedules Total Combined 2021A Bonds *Assumes “AA+” Rates as of May 7, 2021, plus 0.25% Date Principal Coupon Interest Total P+I Fiscal Total 07/26/2021 ----- 12/15/2021 795,000.00 0.400%20,030.48 815,030.48 815,030.48 06/15/2022 --24,348.75 24,348.75 - 12/15/2022 850,000.00 0.450%24,348.75 874,348.75 898,697.50 06/15/2023 --22,436.25 22,436.25 - 12/15/2023 865,000.00 0.500%22,436.25 887,436.25 909,872.50 06/15/2024 --20,273.75 20,273.75 - 12/15/2024 890,000.00 0.600%20,273.75 910,273.75 930,547.50 06/15/2025 --17,603.75 17,603.75 - 12/15/2025 665,000.00 0.700%17,603.75 682,603.75 700,207.50 06/15/2026 --15,276.25 15,276.25 - 12/15/2026 695,000.00 0.850%15,276.25 710,276.25 725,552.50 06/15/2027 --12,322.50 12,322.50 - 12/15/2027 715,000.00 1.000%12,322.50 727,322.50 739,645.00 06/15/2028 --8,747.50 8,747.50 - 12/15/2028 745,000.00 1.100%8,747.50 753,747.50 762,495.00 06/15/2029 --4,650.00 4,650.00 - 12/15/2029 775,000.00 1.200%4,650.00 779,650.00 784,300.00 Total $6,995,000.00 -$271,347.98 $7,266,347.98 - Date And Term Structure Dated 7/26/2021 Delivery Date 7/26/2021 First available call date Non-Callable Call Price Yield Statistics Bond Year Dollars $29,790.85 Average Life 4.259 Years Average Coupon 0.9108434% Net Interest Cost (NIC)1.1221667% True Interest Cost (TIC)1.1268022% All Inclusive Cost (AIC)1.2793558% Northland Securities, Inc. Page 7 Series 2012A Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/26/2021 ----- 12/15/2021 560,000.00 0.400%18,219.62 578,219.62 578,219.62 06/15/2022 --22,473.75 22,473.75 - 12/15/2022 610,000.00 0.450%22,473.75 632,473.75 654,947.50 06/15/2023 --21,101.25 21,101.25 - 12/15/2023 625,000.00 0.500%21,101.25 646,101.25 667,202.50 06/15/2024 --19,538.75 19,538.75 - 12/15/2024 645,000.00 0.600%19,538.75 664,538.75 684,077.50 06/15/2025 --17,603.75 17,603.75 - 12/15/2025 665,000.00 0.700%17,603.75 682,603.75 700,207.50 06/15/2026 --15,276.25 15,276.25 - 12/15/2026 695,000.00 0.850%15,276.25 710,276.25 725,552.50 06/15/2027 --12,322.50 12,322.50 - 12/15/2027 715,000.00 1.000%12,322.50 727,322.50 739,645.00 06/15/2028 --8,747.50 8,747.50 - 12/15/2028 745,000.00 1.100%8,747.50 753,747.50 762,495.00 06/15/2029 --4,650.00 4,650.00 - 12/15/2029 775,000.00 1.200%4,650.00 779,650.00 784,300.00 Total $6,035,000.00 -$261,647.12 $6,296,647.12 - Date And Term Structure Dated 7/26/2021 Delivery Date 7/26/2021 First available call date Non-Callable Call Price Yield Statistics Bond Year Dollars $27,965.18 Average Life 4.634 Years Average Coupon 0.9356175% Net Interest Cost (NIC)1.1298412% True Interest Cost (TIC)1.1344407% All Inclusive Cost (AIC)1.2748125% Northland Securities, Inc. Page 8 Series 2014A Portion Date Principal Coupon Interest Total P+I Fiscal Total 07/26/2021 ----- 12/15/2021 235,000.00 0.400%1,810.86 236,810.86 236,810.86 06/15/2022 --1,875.00 1,875.00 - 12/15/2022 240,000.00 0.450%1,875.00 241,875.00 243,750.00 06/15/2023 --1,335.00 1,335.00 - 12/15/2023 240,000.00 0.500%1,335.00 241,335.00 242,670.00 06/15/2024 --735.00 735.00 - 12/15/2024 245,000.00 0.600%735.00 245,735.00 246,470.00 Total $960,000.00 -$9,700.86 $969,700.86 - Date And Term Structure Dated 7/26/2021 Delivery Date 7/26/2021 First available call date Non-Callable Call Price Yield Statistics Bond Year Dollars $1,825.67 Average Life 1.902 Years Average Coupon 0.5313599% Net Interest Cost (NIC)1.0046116% True Interest Cost (TIC)1.0117138% All Inclusive Cost (AIC)1.3476706% Northland Securities, Inc. Page 9 Attachment 3 – Preliminary Levy Schedules Series 2012A Portion Series 2014A Portion Date Total P+I 105% Levy Levy Year Collection Year 12/15/2021 578,219.62 607,130.60 2020 2021 12/15/2022 654,947.50 687,694.88 2021 2022 12/15/2023 667,202.50 700,562.63 2022 2023 12/15/2024 684,077.50 718,281.38 2023 2024 12/15/2025 700,207.50 735,217.88 2024 2025 12/15/2026 725,552.50 761,830.13 2025 2026 12/15/2027 739,645.00 776,627.25 2026 2027 12/15/2028 762,495.00 800,619.75 2027 2028 12/15/2029 784,300.00 823,515.00 2028 2029 Total $6,296,647.12 $6,611,479.48 Date Total P+I 105% Levy Levy Year Collection Year 12/15/2021 236,810.86 248,651.40 2020 2021 12/15/2022 243,750.00 255,937.50 2021 2022 12/15/2023 242,670.00 254,803.50 2022 2023 12/15/2024 246,470.00 258,793.50 2023 2024 Total $969,700.86 $1,018,185.90 Northland Securities, Inc. Page 10 Attachment 4 – Related Considerations Bank Qualification We understand the City (in combination with any subordinate taxing jurisdictions or debt issued in the City’s name by 501(c)3 corporations) anticipates issuing $10,000,000 or less in tax- exempt debt during this calendar year. The Bonds, along with the Refunding Portion of the General Obligation Bonds, Series 2021A that will be issued concurrently by the City will be “deemed designated Bank Qualified,” with their original Bank Qualified status carrying forward. Therefore, the Bonds will be designated as “bank qualified” obligations pursuant to Federal Tax Law. Arbitrage Compliance All tax-exempt bond issues are subject to federal rebate requirements which require all arbitrage earned to be rebated to the U.S. Treasury. A rebate exemption the City expects to qualify for is the “6-month spending exception.” Debt Service Fund. The City must maintain a bona fide debt service fund for the Bonds or be subject to yield restriction in the debt service fund. A bona fide debt service fund involves an equal matching of revenues to debt service expense with a balance forward permitted equal to the greater of the investment earnings in the fund during that year or 1/12 of the debt service of that year. The City should become familiar with the various Arbitrage Compliance requirements for this bond issue. The Resolution for the Bonds prepared by Bond Counsel explains the requirements in greater detail. Continuing Disclosure Type: Full Dissemination Agent: Northland Securities The requirements for continuing disclosure are governed by SEC Rule 15c2-12. The primary requirements of Rule 15c2-12 actually fall on underwriters. The Rule sets forth due diligence needed prior to the underwriter’s purchase of municipal securities. Part of this requirement is obtaining commitment from the issuer to provide continuing disclosure. The document describing the continuing disclosure commitments (the “Undertaking”) is contained in the Official Statement that will be prepared to offer the Bonds to investors. The City has more than $10,000,000 of outstanding debt and is required to undertake “full” continuing disclosure. Full disclosure requires annual posting of the audit and a separate continuing disclosure report, as well as the reporting of certain “material events.” Material events set forth in the Rule, including, but not limited to, bond rating changes, call notices and issuance of “financial obligations” (such as USDA loans, Public Finance Authority loans , and lease agreements), must be reported within ten days of occurrence. The report contains annual financial information and operating data that “mirrors” material information presented in the Official Statement. The specific contents of the annual report will be described in the Undertaking that appears in the appendix of the Official Statement. Northland currently serves as dissemination agent for the City, assisting with the annual reporting. The information for the Bonds will be incorporated into our reporting. Northland Securities, Inc. Page 11 Premiums In the current market environment, it is likely that bids received from underwriters will include premiums. A premium bid occurs when the purchaser pays the City an amount in excess of the par amount of a maturity in exchange for a higher coupon (interest rate). The use of premiums reflects the bidder’s view on future market conditions, tax considerations for investors and other factors. Ultimately, the true interest cost (“TIC”) calculation will determine the lowest bid, regardless of premium. A premium bid produces additional funds that can be used in several ways: • The premium means that the City needs less bond proceeds and can reduce the size of the issue by the amount of the premium. • The premium can be deposited in the Debt Service Fund and used to pay principal and interest. Northland will work with City staff prior to the sale day to determine use of premium (if any). A consideration for use of premium is the bank qualification of the Bonds. Rating A rating will be requested from Standard and Poor’s Rating Agency. The City’s general obligation debt is currently rated "AA+" by S&P. The rating process will include a conference call with the rating analyst. Northland will assist City staff in preparing for and conducting the rating call. Northland Securities, Inc. Page 12 Attachment 5 – Calendar of Events The following checklist of items denotes each milestone activity as well as the members of the finance team who will have the responsibility to complete it. Please note this proposed timetable assumes regularly scheduled City Council meetings. Date Action Responsible Party April 14 General Information Certificate Sent to City Northland April 15 City confirms project costs to be financed and source of payment and plans for use of any premium that may be bid City Staff April 23 City Returns Completed General Information Certificate City Staff May 11 Set Sale Resolutions and Finance Plans Sent to City Northland, Bond Counsel May 12 Rating Request sent to S&P. Preliminary Official Statements Sent to City for Sign Off 2021A (includes new money and current refunding of Series 2011B) 2021B (includes current refunding of Series 2012A and 2014A) Northland, City May 17 Set Sale Resolutions Adopted and Review of Finance Plans Northland, Bond Counsel, City Council Action Week of May 17 or May 24 Rating Call Northland, City, Rating Agency April 2021 May 2021 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat 1 2 3 1 4 5 6 7 8 9 10 2 3 4 5 6 7 8 11 12 13 14 15 16 17 9 10 11 12 13 14 15 18 19 20 21 22 23 24 16 17 18 19 20 21 22 25 26 27 28 29 30 23 24 25 26 27 28 29 30 31 June 2021 July 2021 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 1 2 3 6 7 8 9 10 11 12 4 5 6 7 8 9 10 13 14 15 16 17 18 19 11 12 13 14 15 16 17 20 21 22 23 24 25 26 18 19 20 21 22 23 24 27 28 29 30 25 26 27 28 29 30 31 Holiday Action Date Northland Securities, Inc. Page 13 Date Action Responsible Party June 4 Rating Received Northland, City, Rating Agency June 15 Awarding Resolutions sent to City Northland, Bond Counsel June 21 Bond Sales at 10:00 a.m. (Series 2021A and 2021B) Bond Proposals Signed and Awarding Resolutions adopted – 7:00 p.m. Northland, City Council Action July 15 Closing on the Series 2021A Bonds (Proceeds Available) Proceeds for Series 2011B Refunding Wired to Paying Agent. Northland, City Staff, Bd Counsel July 26 Closing on the Series 2021B Bonds. Proceeds for Series 2012A and Series 2014A Wired to Paying Agent. Series 2011B, 2012A and 2014A Bonds Called for Redemption Paying Agent Northland Securities, Inc. Page 14 Attachment 6 - Risk Factors Property Taxes: Property tax levies shown in this Finance Plan are based on projected debt service and other revenues. Final levies will be set based on the results of sale. Levies should be reviewed annually and adjusted as needed. The debt service levy must be included in the preliminary levy for annual Truth in Taxation hearings. Future Legislative changes in the property tax system, including the imposition of levy limits and changes in calculation of property values, would affect plans for payment of debt service. Delinquent payment of property taxes would reduce revenues available to pay debt service. General: In addition to the risks described above, there are certain general risks associated with the issuance of bonds. These risks include, but are not limited to: • Failure to comply with covenants in bond resolution. • Failure to comply with Undertaking for continuing disclosure. • Failure to comply with IRS regulations, including regulations related to use of the proceeds and arbitrage/rebate. The IRS regulations govern the ability of the City to issue its bonds as tax-exempt securities and failure to comply with the IRS regulations may lead to loss of tax- exemption. Mu s hto w n R d SERidgewood Ct SEFishPointRd SEDeer f i el dDr HorizonT r l S E BurrOak Ln SE P a r k w o o d D r S E Deer fie l d Ln SE WestOakPoi n t Dr BussePkwy SEPondsedg e L n S E East Oak PointDrPondsPkwy SE 12 77 44 42 27 21 87 16 23 15 18 82 78 17 79 83 14 70 Parkwood Estates 17551 Mushtown Road SE Preliminary Plat and Conditional Use Permit X:\Planning\Location Map\Location Map Template\Parkwood Estates Location Map.aprx 0 300 600 900 1,200 1,500 Feet 1 PRELIMINARY PLAT APPLICATION NARRATIVE February 16, 2021 PARKWOOD ESTATES Prior Lake, MN for CNC Development VII, LLC James R. Hill, Inc. 2999 W. County Road 42, Ste. 100 Burnsville, MN 55306 952-890-6044 CNC Development is pleased to present the preliminary plat application for Parkwood Estates, a 55-lot single family residential project. The development proposal incorporates single family home sites interspersed among the woods and wetlands located throughout the site, together with the extension of Fish Point Road from its present southerly terminus to Mushtown Road. This property has long been owned by the Radanke family and is located at 17551 Mushtown Road, Prior Lake and is comprised of two parcels. The site lies south of The Ponds Park with Thomas Ryan Memorial Park nearby to the southwest. See Figure 1. The west parcel encompasses the approximate 3-acre farmstead, 15 acres of farmland and 10 acres of open space. The east parcel is nearly 20 acres of open space predominately covered with woods and wetlands. The east parcel abuts the Deerfield 10th Addition townhome development on the north, platted in 2002, and abuts Jackson Estates on the south, which is a rural-residential development platted in 1987. The south entrance to The Ponds Park lies along the west side of the property. The development proposal presented includes a request for a Conditional Use approval to apply Cluster Housing practices which would allow for decreases in minimum lot width and minimum lot area. The implementation of Cluster Housing will allow for the R1-Zoned equivalent base density to be developed on the property while increasing the opportunity to preserve portions of the site in a natural state. Figure 1 – Pre-development Parkwood Estates – 2020 Image, Scott County GIS Site Site HOUSING TRENDS CNC Development has developed and is currently developing residential neighborhoods in several communities. There is a large segment of the housing market that presently is offering a product line that fits within a 50-foot-wide building pad, which allows for construction of a home that aligns with current price trends and buyer preferences. Allowing for 10-foot side yard setbacks (standard for Prior Lake R-1 Zoning), arrives at a 70-foot-wide minimum lot width. Developed lots are planned to be sold to OneTenTen Homes and Brandl Anderson Homes. Both builders partner often in developments and have a substantial variety of home models to offer. Sample renderings from both builders are appended to the narrative. CLUSTER DEVELOPMENT OPTION Parkwood Estates is a site that is suited to embrace the Cluster Housing option, as allowed by Conditional Use. Application of Cluster Housing in the land planning process provides the opportunity to develop a site that is superior to that which could be developed under Prior Lake 1102.400 R-1 Zoning Code, applying 86-foot-wide lots. To demonstrate this, a comparison has been made to analyze the potential differences between the 86-foot plan and the 70-foot plan. Lot dimension criteria compares as follows: CRITERIA 86-FOOT-LOTS 70-FOOT LOTS FRONT YARD - ft 25 25 SIDE YARD - ft 10 10 REAR YARD - ft 25 25 LOT WIDTH - ft 86 70 LOT AREA -sq ft 12,000 10,150 The remaining standards of the R-1 district would remain in effect. Of the 55 lots proposed, 12 lots are proposed to have a lot area less than 12,000 sq. ft. Two Site Impact Exhibits have been prepared, illustrating a layout configuration using 86-foot- wide minimum lots and the proposed cluster housing option with 70-foot-wide lots. Both exhibits depict 55 lots. The cluster option allows for the equivalent number of lots to be constructed with an approximate 11% reduction in disturbed area, nearly 15% reduction in impervious, reduced impact to wetlands and buffers and nearly 1,000 feet less of streets and utilities to construct and maintain. Furthermore, cluster configuration allows for preserving nearly five acres of woodland canopy in a permanent conservation easement. A summary of the estimated impacts is shown in the table below: COMPARISON OF SITE IMPACTS SITE FEATURE 86-FOOT-LOTS 70-FOOT LOTS % Reduction TOTAL PLAT AREA 47.53 ac 47.53 ac no change NO OF LOTS 55 55 no change DISTURBED AREA 31.18 ac 27.78 ac 11% WETLAND AND BUFFER IMPACT 0.69 ac 0.44 ac 0.44 ac APPROX. LENGTH OF 60' STREETS 3,760 ft 2,760 ft 27% IMPERVIOUS STREETS AND WALKS 6.05 ac 5.15 ac 15% PRESERVED TREE CANOPY 0 ac 4.7 ac 4.7 ac The comparison of the two Site Impact Exhibits indicates the 70-foot-wide cluster option has significantly less impact to the property and tree canopy. Furthermore, there is less impervious surface and stormwater runoff and less public infrastructure to maintain. The data and exhibit support the assertion of the Cluster Option being a superior application to the development. PROPOSED CUSTOM LOTS On the east side of the property is developable land area but has accessibility issues due to the accessibility being restricted by wetlands. The preliminary plat proposes two lots that are suited for customized development and home siting. Lot 10 Block 2 and Lot 11 Block 3 are located on the east portion of the plat. Both lots have adequate lot area and buildable area to meet the Cluster Lot dimensions and setbacks. It is envisioned that the two lots will be lower than the elevation of the public sewer and will require a private sewage pump. Each lot will have its own water and sewer connection to public sewer and water. To minimize impact to the wetland, a shared driveway or twin driveways would lie over the common lot line. Driveway grades and pad grades are shown on the preliminary grading plan. However, custom home and landscape design could evolve such that house pad sizes and locations differ from that which are shown. The impacts of the custom lots are included in the Site Impact comparison. TREE PRESERVATION A tree inventory was prepared by Midwest Natural Resources in December 2020. A total of 471 trees were tagged. Of those, 24 were determined to be outside the property boundary and 16 were noted to have health issues. The remaining 431 trees have a total of 6,064 caliper inches. After allowing for exempted tree removal, the proposed development configuration and clearing limits indicate the allowable removal threshold of 35% has not been surpassed. Refinement of tree clearing limits will remain on the forefront as design progresses. SAMPLE HOME RENDERINGS ONETENTEN HOMES – MAVERICK ONETENTEN HOMES – MADISON www.brandlanderson.com THE CarmelLANDMARK COLLECTION www.brandlanderson.com THE CreightonLANDMARK COLLECTION Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com Memo The Community Development Department has reviewed the Preliminary Plat and PUD plans for the subject project with a plan date of 4-23-21 and we have the following comments. General 1. Development Fees – The following development fees are to be collected prior to recording of any approved 2021 final plat application: Park Dedication of 55 lots at $3,750 per lot, Trunk Water ($3,840/net acre), Trunk Sanitary Sewer ($4,700/net acre), Trunk Storm Sewer ($4,160/net acre), and a 6% administrative fee and 8% construction observation fee based on the total estimated construction costs (which include landscaping, streets, public trails, and public utilities). 2. The Planning Commission/City Council will need to weigh the cluster housing benefits against the reduced lot width and area proposed for the project. Preservation of trees and open space particularly in the northeast corner of the site is an added benefit of the lot clustering. 3. Warranty Deeds – Submit draft warranty deeds for any future public ownership Outlots with Final Plat application. Preliminary Plat/Site Plan 4. Conservation Area - Identify Conservation Area on Preliminary Plat, provide markers for conservation signage to be placed at the boundary of the easement areas. 5. Zoning Modifications – The developer requests modifications under the Cluster Housing City Code to the typical R-1 zoning requirements in the following areas: a. Lot size – Min. proposed – 10,000 sq. ft. Min. required (R-1) – 12,000 sq. ft. b. Lot width - Min. proposed – 70 ft. Min. required – 86 ft. 6. Setback Exceptions - Are any decks, eves, cantilevers, or window well pits proposed within the 10-foot side setbacks, 25-foot front setbacks, or 25-foot rear setbacks? If so, they need to be identified as a note on the preliminary plat plan. Grading Plan 7. Retaining walls – Any walls exceeding 4 feet in height will require a building permit application. Date:May 3, 2021 To:Bill Ryan, Rick Osberg From:Jeff Matzke, Planner Subject:Parkwood Estates Preliminary Plat and PUD City Project #DEV21-000003 Tree Preservation/Landscape Plan 8. Tree placement – On landscape plan/details plan, indicate note that placement of all trees shall be a minimum of 5 feet from front property lines within front yards. 9. Tree replacement – No tree replacement as a result of tree removals is required for this development. 10. Landscaping - 2 front yard trees and 4 corner trees are required per lot. Revise proposed landscape plan accordingly. 11. Final tree locations – Tree locations may be subject to change depending on field construction of public/private utilities and maintenance access locations for ponding and utilities. K:\010704-000\Admin\Docs\Parkwood Estates\Parkwood Estates Prelim Plat Review Memo 050321 - WSB Comments.docx701 XENIA AVENUE S | SUITE 300 | MINNEAPOLIS, MN | 55416 | 763.541.4800 | WSBENG.COMMemorandum To: Nick Monserud, Assistant City Engineer Pete Young, Water Resources Engineer From: Kris Keller, Laura Kivisto, Dustin Simonson, Chuck Rickert - WSB Date: May 3, 2021 Re: Parkwood Estates WSB Project No. 10704-000 We have completed our preliminary plat review of the civil and stormwater plans submitted for Parkwood Estates on April 26, 2021 as prepared by James R. Hill, Inc. The following documents were received: 23778pp-ghost-2.3.pdf PARKWOOD ESTATES – LOT AREA EXHIBIT 04-23-2021.pdf PARKWOOD ESTATES – PRELIMINARY PLAT EXHIBITS 04-23-2021.pdf PARKWOOD ESTATES – SITE IMPACT EXHIBITS 04-23-2021.pdf PARKWOOD ESTATES – STORMWATER REPORT 04-23-2021.pdf Parkwood Estates Prelim Plat Review Memo 031721 (JRH RESPONSE).docx Parkwood Estates_Preliminary Landscape Set_4-22-2021.pdf Randake Existing 1.1.hcp Randake Proposed 1.4.hcp Comments are provided within this Memorandum and in the corresponding redlined plan set. Please note that not all comments within the plan set are in the Memorandum. We have the following comments with regards to stormwater management and engineering. Greyed out comments have been addressed. Red comments are new to this review. Comments in standard text still apply. General 1. Submit for and provide copies to the City of all required permits from regulatory agencies (MCES, Minnesota Pollution Control Agency, Minnesota Department of Health, County, etc.) 2. An NPDES permit is required as the site exceeds 1 acre of disturbance. 3. Plans shall be signed by a Civil Engineer Registered in the State of Minnesota. Plat 1. Provide drainage and utility easements for all drainage swales that convey water from one lot across another a. The width of the easement should be a minimum of 10’ with at least 5' on either side of the center of the swale Parkwood Estates May 3, 2021 Page 2 i. Several easements added. ii. Address drainage from southeast of the Street A cul de sac and Lot 11 across Lot 10 Block 3 2. Please note which Outlots will be dedicated to the City and which will be privately owned. 3. Provide drainage and utility easements for all public utilities running across private property. a. The width of the easement should be at least two times the greatest depth of the utility with a minimum of 20' centered on the utility i. Provide additional easement for the storm sewer between Lots 25 and 26 Block 1 ii. Verify easement widths with storm sewer profiles and proposed grades. Streets/Trails 1. Based on the proposed site plan the anticipated traffic generation would be 519 vehicle per day (vpd), 41 AM peak hour trips and 54 PM peak hour trips, assuming 55 single family lots on the site. 2. Fish Point Road and Mushtown Road are both Major Collector roadways in the City’s 2040 Comprehensive Plan. Fish Point Road has an existing ADT of 3700vpd and projected 2040 ADT of 4800vpd at Eagle Creek Avenue (CSAH 23). Mushtown Road has an existing ADT of 4000vpd and a projected 2040 ADT of 450vpd. 3. With the proposed extension of Fish Point Road, traffic will be redistributed using the new Mushtown Road intersection. A traffic analysis/study should be submitted with assumptions of the proposed and future development(s), and redistribution of traffic to determine whether or not turn lanes and/or traffic control improvements will be required on Fish Point Road at Mushtown Road or Street B/Street C. a. Traffic analysis/study in progress 4. A sight line analysis shall be completed for all intersections including the intersections on Fish Point Road at Street B/Street C, Street A and Mushtown Road. 5. The final plans should include a signing and pavement marking plan, including at a minimum, locations of stop signs, street signs, pedestrian crossing signs, street striping and pedestrian crossing striping. 6. Street Profiles a. Provide street profiles that show the proposed street grades and vertical curves. b. Identify centerlines of connecting streets at intersections in profile views. c. Vertical curves need to meet the minimum required K value (30 for crest curves, 36 for sag curves) for 30 mph. d. Applicant indicated proposed vertical curves discussed and approved by the City 7. Provide horizontal curve/alignment information for all roads. a. Curves must meet a 30 MPH design speed and shall have a minimum 250’ centerline radius b. Applicant indicated proposed horizontal curves discussed and approved by the City Parkwood Estates May 3, 2021 Page 3 8. Provide typical sections for all roads a. Include proposed curb types i.Provide typical section for Mushtown Rd ii.Note, recycled material is not allowed for aggregate base. b. Include supporting geotechnical information 9. Provide a permanent cul de sac at the southeast end of Street A meeting designed per City Detail Plate #605 a. Update the right of way on the plat in that area accordingly b. Cul de sac updated – Applicant proposed to extend the right of way to the property line as previously shown with the cul de sac to be constructed to standard dimensions with curb and a roadway easement over the portion outside of the right of way. (Note proposed cul de sac is 46’ to BOC; City Detail Plate #605 is 47’ to BOC.) ROW shall be provided over the entire cul-de-sac and appropriate boulevard in accordance with City standard plates. 10. There will need to be discussions about the driveway locations for Lots 10 and 11 Block 3 and their relation to utilities and drainage and utility easements. 11. With final plat plans, cross sections shall be provided for Mushtown Rd. every 25’ to see how it will tie in the existing Township ditch. Stormwater Management 1. Drainage Areas and Modeling a. Define a time of concentration value for 4S in the existing and proposed HydroCAD model. b. Acknowledge the runoff for 4S in the existing and proposed conditions rate control analysis even though the drainage area is not changing from existing to proposed conditions. c. Adjust the storage range for 13R to capture all the water. d. Update the impervious acreage on the proposed drainage area map to match HydroCAD. e. The proposed 6S drainage area acreage differs between the proposed drainage area map and the HydroCAD model. Please update. f. Submit the .hcp model for review. g. Clarify the existing and proposed impervious area for the site. The total acreage differed between the SWPPP and the stormwater report. 2. Rate Control a. A portion of the development utilizes wetlands in the rate control analysis. This is acceptable, but documentation must be provided showing that the wetland is eligible per the requirements of Section Six in the Public Works Design Manual and that discharge out of a utilized wetland is kept at or below the following schedule: Parkwood Estates May 3, 2021 Page 4 i. 2-year: 0.05 cfs per tributary acre ii. 10-year: 0.15 cfs per tributary acre iii. 100-year: Existing peak flow b. Preliminary analysis shows that the proposed ultimate site discharge to the receiving waterbody is less than the existing discharge without considering the wetland storage in the rate control analysis. Please provide a similar analysis in the rate control section of the stormwater management report to show that the wetlands are not used to meet the rate control requirements and therefore are not subject to the schedule outlined in 2a. 3. Volume Control a. A portion of the impervious runoff is routed to a wet basin that does not provide any volume reduction. Please provide documentation showing that Volume Control Standard 2 is met for the site (site runoff shall have no net increase from pre-project conditions on an annual basis of volume, total suspended solids, and total phosphorus). b. Pond 9P does not provide any volume control because the outlet elevation coincides with the filtration basin elevation. Water is not held back and allowed to filtrate. c. Volume control credit may only be taken for the impervious area routed directly to the BMPs. Calculations show that the volume control requirement is not met. BMP Impervious Draining to BMP (ac) Required Volume Control (cf) Provided Volume Control (cf) Can Take Credit for (cf) North NURP 3.028 10,992 26,920*10,992 Fish Point NURP 4.644 16,858 0 0 South NURP 0.789 2,864 0 0 Untreated 1.719 6,240 0 0 Existing -1.33 -4,828 0 0 Total 8.85 32,126 26,920*10,992 *48-hour drawdown for the provided filtration surface area not met; this value will be reduced. 4. Water Quality a. NURP basins have been adequately sized to meet water quality requirements of 60 percent TP and 90 percent TSS removal. 5. HWL and EOF requirements a. Low opening elevations shall be at least 2 feet above the EOFs, including street and backyard low point EOFs. i. Please clearly label the EOF elevation and the low opening of the adjacent homes. As currently designed, there appears to be several homes with less than 2 feet of separation from the EOF to the low opening. Parkwood Estates May 3, 2021 Page 5 b. Define the EOF from Pond 9P to wetland G in more detail to convey water away from the Block 3 Lot 6 home or provide 2 feet of freeboard between the pond HWL and the building LFE. c. Label the EOF elevations from Pond 9P and Pond 10P to ensure that the EOF is 1 foot higher than the 100-year HWL. d. Label the EOF elevation of Pond 8P. e. The pond berm shall be 2 feet higher than the 100-year HWL. 6. Filtration a. Ensure storm sewer discharge velocities into the pond are non-erosive. b. Include at least 2 observation/cleanouts per underdrain. c. Install underdrains with a minimum of 0.5% slope. d. With the provided filter bench area, calculations show that the basins will take longer than 48 hours to draw down the water quality volume. Please provide an analysis for the drawdown times of the basins and ensure the requirement is met. 7. Basins and Modeling a. Modify the outlet elevation listed on the plans for Pond 9P to match HydroCAD and the outlet control structure detail. b. Add the weir wall at 961.20 to the Pond 9P outlet in HydroCAD. Grading 1. Retaining walls over 4 feet in height or have more than two tiers shall be designed by a Minnesota registered professional engineer, need a building permit, and have a fence constructed on top of the wall. a. All retaining walls shall be located on private property and be privately maintained. Each wall will require a separate retaining wall permit with engineering design and consultant review. These costs are separate from the development costs and are established on a permit by permit basis. 2. Contours near the house pads show 2:1 slopes. Maintained slopes are required to be 4:1 or flatter. Revise accordingly. Applicant indicated they had discussed with City and is acceptable practice. 3. Maintain drainage within drainage and utility easements. Some adjacent lots have larger (1.5'+) discrepancies between surface elevations at the front or back of the house pad and might require additional grading, holding down the grade at the house, or a retaining wall at the time of building permit to prevent water from crossing the adjacent lot outside the drainage and utility easements. 4. Grading Plan Notes: a. Clarify notes to state that perimeter and sediment control BMPs should be installed by the contractor and inspected by the City prior to any site work. b. Add a note to the plans stating that slopes greater or equal to 3:1 shall have approved erosion control BMPs installed immediately after grading is finished. 5. Ponding within the park, shall have a berm no less than 10’ tall and planted with pine trees to provide screening from park and archery range. Parkwood Estates May 3, 2021 Page 6 Utilities 1. Storm Sewer a. Inlet elevations shall match the pond outlet elevation. Adjust the invert elevation of FES-500 into Pond 10P. i. Adjust the invert elevation of the inlet FES into Pond 9P to match the outlet elevation. b. Flared end sections are required where storm sewer exists a ponding area. Pond outlets shall provide floatable debris skimming. Revise the outlet control structures for Pond 10P and Wetland F to meet requirements. c. Provide rational calculations for the storm sewer. Storm sewer facilities shall be designed for the 10-year 24-hour rainfall event. d. Storm sewer pipe diameter shall be a minimum of 15 inches with a minimum slope of 0.5%. e. Route CBMH-701 to CBMH-107 to direct Mushtown Road impervious area to a treatment basin in lieu of directly to a wetland. f. Catch basins at the intersection of Fish Point Road and Street A shall be designed to collect drainage on the upstream side of the intersection. g. Provide the MnDOT standard rip rap detail for the rip rap at the storm sewer outlets. 2. Sanitary Sewer - Applicant indicated that all comments to be addressed with Final Plans a. The size, type, and class of all sanitary sewer services shall be noted on the plans. b. When the sanitary sewer mainline is constructed with ductile iron pipe, the sanitary sewer services shall be constructed with Class 52 ductile iron pipe from main line sewer to the 45 degree bend. c. The maximum depth of the sanitary sewer service at the ROW line shall be 10’ unless documented by a proposed house or building elevation that justifies a deeper service. d. Install service risers where cover over the top of the sanitary main is greater than 12’ or as directed by the engineer. e.Provide 10 gauge tracer wires for the sanitary sewer services for locating purposes and shall be installed in accordance with the MN Rural Water Tracer Wire Specification. The tracer wire should connect to a tracer wire access box at the easement (see Plate #401). a. Show the existing and proposed sanitary sewer in plan and profile view, along with other existing and proposed utilities in the construction zone. b. The construction plans for water main and sanitary sewer shall include the lowest elevation of all houses or buildings to be served. c. The City is in the process of determining whether there is a need for a lift station. Further direction will be provided following the results of this evaluation. Parkwood Estates May 3, 2021 Page 7 d. Describe and label the connection to EX. MH 16A. i. Connection requires a KOR-N-SEAL connection or approved equal e. There will need to be discussions about the sewer and water services for Lots 10 and 11 Block 3 and their relation to existing/proposed grades, other utilities, driveways, and drainage and utility easements (use of grinder stations, etc.). f. The City is currently evaluating the proposed sanitary sewer as a permanent solution. Please note that there still may need to be a lift station and a force main installed along Mushtown Rd and 180th Street to the sewer designed to take this developments waste water. As soon as a decision is made we will notify the developer. 3. Watermain – Applicant indicated that all comments to be addressed with Final Plans a. All water fittings should be labeled as to size and type such as bends, tees, plugs, etc. b. The size, type, and class of all water services shall be noted on the plans. c. Developers are responsible for constructing the services to the easement line which is approximately 10’ beyond the right of way line. d. Provide a minimum of 18” vertical separation for all watermain crossings with sanitary and storm sewer. Also, other utilities that cross the watermain shall cross at a 90 degree angle, if possible, with the minimum requirement of a 45 degree angle for the crossing. Provide insulation for all storm sewer crossings. e. Show on plans the existing and proposed watermain in plan and profile view along with other existing and proposed utilities in the construction zone. f. The City would like to partner to drill and extend watermain to 180th Street to the southeast. This would be reimbursed with the development agreement. Further discussion is needed. City will perform an independent city led project that will be coordinated with the development. g. Identify and address potential utility conflicts where the storm sewer is deeper (greater than 6’) or the sanitary sewer is shallower (less than 10’) with the watermain. h. Fire official to verify fire protection particularly for lots 21 and 22 Block 1 where the hydrants are further apart. i. Provide turning movements for the proposed cul de sac and the southeast end of Street A. Fire official to review emergency access. Miscellaneous 1. Utilize current City of Prior Lake Design Manual and Standard Detail Plates SWPPP 1. Drainage areas over 5 acres require a temporary sediment basin. Indicate on the erosion control plans. 2. Include existing impervious area in the SWPPP. Parkwood Estates May 3, 2021 Page 8 3. Protect the filter benches from compaction or sedimentation during construction. Wetland 1. The development has an approved wetland delineation but not an approved wetland impact permit. Wetland impacts will need to be approved under WCA. a. Applicant indicated this was in process.