4.1. SR 06-02-1997 - Laserfiche WebLink

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4/97 CIP FINANCES SURFACE WATER MANAGEMENT (SWM) In late 1994, the City Council approved its tax levy for calendar year 1995. Included in this tax levy were funds for surface water management activities. This tax levy was continued in 1996 and 1997 and will have to continue for the long term in order to finance the SWM projects that have been approved and which are anticipated to be approved in the next few years. In 1994, the City authorized over $1 million in bonds for surface water management activities. These activities included work for the Deerfield III, County Roads 12/13, and Highways 10/169 projects. Additional surface water management projects approved by the City Council in 1995 include the Main/Evans project and Western Area Phase II trunk storm drainage pipes. These projects plus some pre-1994 activities were financed from the City development fund and are scheduled to be repaid from the annual tax levy. Anticipated SWM projects for 1997 include the north Joplin frontage road and minor work on the south end of Ditch 28. Future activities call for additional County ditch work, Western Area Phase III, and the east Highway 10 area. The 1997 tax levy is sufficient to pay the 1997 principle and interest on the SWM bond and to eliminate the $60,000 fund deficit, but leaves very few funds available for additional 1997 projects. After making the 1998 bond payment, approximately $50,000 should be available for 1998 projects. This projection excludes all impact fee collections. The City will have to carefully analyze the available finances before authorizing work on future SWM projects. To generate additional SWM funds, the Council should consider increasing the required SWM fees on developments. The fee in Elk River is substantially lower than other suburban developing communities and the benefited property owners (the developers) are only paying a fraction of the actual SWM costs that are related to the development project. Page 12 of 16