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CAPITAL IMPROVEMENT PROGRAM (CIP) YEAR - 1998 1}~ <br /> <br />PROJECT DESCRIPTION <br /> <br />COMPLETE 1997 PROJECTS: <br />County Road 12 trunk sewer and water extension. <br />Dodge Avenue and 5th Street project <br />County Road I project <br />Year three (final year) of recreation fields Phase I project <br />Business Park Phase II <br /> <br />WESTERN AREA PHASE III: <br />Construction of trunk sewer and water and storm sewer <br />west from Sandpiper Estates Subdivision to Waco Street. <br />Lateral sewer and water and storm sewer will be <br />constructed under Waco Street north to Highway 10, and <br />this street will be reconstructed to urban standards. <br />Business Center Drive with lateral sewer, trunk water, <br />and storm sewer will be constructed from the <br /> <br />Government Center west to Waco Street. <br /> <br />SCHOOL STREET EXPANSION: <br />Expansion of School Street from two lanes to four lanes <br />from County Road I to the east to where four lanes end <br />at the Senior High School. This project will include some <br />reconstruction of the School Street/County Road 1 <br />intersection and of School Street west of County Road 1. <br /> <br />COST AND FINANCING <br /> <br />SEE 1997 CIP NARRATIVE <br /> <br />$1,300,000 - Trunk sewer and water will be assessed <br />out to benefited property owners. Lateral sewer and <br />water extensions will also be assessed out to benefited <br />property owners. Street and storm sewer will also be <br />assessed out, but some city participation with MSA <br />funds and MnDOT participation is expected. The city <br />may enter into an assessment agreement with the <br />Business Park landowner in order to encourage an <br />Economic Development partnership. City financial <br />participation in the assessment agreement would come <br />from the city development reserve fund. <br /> <br />$250,000 - The city will assess 50 percent of the project <br />to benefited property owners. This $125,000 amount <br />will be bonded and repaid over a ten year period. The <br />city share of $125,000 will be financed with municipal <br />state aid funds (100,000) and city street reserves <br />(25,000). <br /> <br />Capital Improvement Program (CIP) Year - 1998 Page I <br /> <br /> <br />