Laserfiche WebLink
- REQUEST FOR ACTION <br />..... <br />..Rive <br />TO ITEM NUMBER <br />Ma or and Ci Council 7.3 <br />AGENDA SECTION MEETING DATE PREPARED BY <br />Public Hearin anua 17, 2012 Tim Simon, Finance Director <br />ITEM DESCRIPTION REVIEWED By <br />Resolution Approving a Capital Improvement Plan and Giving Cal Portner, Ci Administrator <br />Preliminary Approval to the Issuance of Capital Improvement REVIEWED BY <br />Bonds <br />ACTION REQUESTED <br />The City Council is asked to hold a public hearing on this item and adopt a resolution approving a Capital <br />Improvement Plan and giving preliminary approval to the issuance of Capital Improvement Bonds. <br />BACKGROUND/DISCUSSION <br />In 2003, the Minnesota State Legislature adopted Statute 475.521, referred to herein as the "CIP Act." <br />The CIP Act applies to capital improvements consisting of city halls, public works, and public safety <br />facilities. Throughout this discussion, the term "capital improvement" refers only to those improvements <br />identified in the CIP Act as summarized above and not the 2012-2016 Capital Improvement Plan <br />previously approved by the City Council in December 19, 2011. <br />The Public Works Committee is continuing to work with RJM Construction and 292 Design Group on <br />the project. In 2011, the Council approved a transfer in the amount of $2.75m from the Liquor Fund to <br />the Government Building Fund for the project. The remaining amount will be general obligation capital <br />improvement plan bonds in an amount not to exceed $7.3m. This amount may be reduced once bids are <br />received later this month. Results of the bond sale will be on the agenda for the February 21, 2012, <br />regular City Council meeting. <br />The CIP Act requires the City Council to consider eight factors in preparing the CIP: See pages 6-8 of <br />the attached CIP plan. <br />1) Condition of the city's existing infrastructure, including projected need for repair and replacement. <br />2) Likely demand for the improvement. <br />3) Estimated cost of the improvement. <br />4) Available public resources. <br />5) Level of overlapping debt in the city. <br />6) Relative benefits and costs of alternative uses of funds. <br />7) Operating costs of the proposed improvements. <br />8) Alternatives for providing services most efficiently through shared facilities with other cities or local <br />governments. <br />r®IrEttlt er <br />N:\Public Bodies\Ciry Council\Council RCA\Agenda Packet\O1-17-2012\PublichearingPWbonds[1].docx <br />