HomeMy WebLinkAbout24-086 Approve the 2025-2029 Capital Improvement Program (CIP)
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 24-086
Approval of the Capital Improvement Program 2025-2029
Motion By: Braid Second By: Burkart
WHEREAS, The CIP is a flexible planning document that attempts to balance the financial resources
of the City with its needs; and
WHEREAS,
During the course of the preparation and review of the 2025 to 2029 CIP the City
Council has considered, for each capital improvement and for the CIP overall: the
condition of the City's existing infrastructure, including the projected need for repair or
replacement; the likely demand for the improvement; the estimated cost of the
improvement; the available public resources; the level of overlapping debt in the City;
the relative benefits and costs of alternative uses of the funds; operating costs of the
proposed improvements; and alternatives for providing services most efficiently through
shared facilities with other cities or local government units; and
WHEREAS,
WHEREAS,
WHEREAS,
The CIP covers a period of five (5) years and is updated annually.
Staff presented a summary of the 2025-2029 CIP at the August 14, 2024, City Council
meeting to provide information to the public on the planned projects, financial planning,
financial impact of the CIP, and capital spending priorities of the City Council; and
The city expects to reimburse the expenditures made for certain costs of the projects
included in the CIP from the proceeds of bonds. Therefore, a separate resolution
RES19-092 was previously approved establishing procedures relating to compliance
with reimbursement bond regulations under the Internal Revenue Code.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The 2025-2029 Capital Improvement Program is hereby approved.
Passed and adopted by the Prior Lake City Council this 14th day of August 2024.
VOTE Briggs Braid Burkart Churchill Lake
Aye ☒ ☒ ☒ ☐ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☒ ☐
______________________________
Jason Wedel, City Manager