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Item # 5.4. <br /> <br />Howard R, Green Oompany <br /> <br />February 7, 2003 <br />File: 230353-0325 <br /> <br />The Honorable Mayor and City Council <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />RE: RESOLUTION REQUESTING MUNICIPAL STATE AID ADVANCE <br /> <br />Dear Council Members: <br /> <br />City Administrator Pat Klaers, Finance Director Lcd Johnson, and I have recently reviewed the <br />numerous City construction projects involving Municipal State Aid funding. It is clear that finalizing of <br />the Western Area Phase 4 improvements and the East Elk River Improvement project will essentially <br />drain the City's Municipal State Aid funds for 2003. This leaves the TH10/VVaco Street signalization, <br />175th Avenue, and TH10/Main Street project with no Municipal State Aid funding available in 2003. <br />Therefore, we are recommending to the City Council that the attached resolution be adopted <br />requesting the advancement of $750,000 from the Municipal State Aid general fund. <br /> <br />The City has twice before requested these general fund advances from Municipal State Aid. The <br />rules allow the City to request these funds and have them advanced for specific projects at no cost to <br />the City. As you can see from the attached resolution, we are suggesting that the City will repay this <br />advance in three equal $250,000 installments over the pedod of 2004 through 2006. There is no <br />interest cost associated with this request. <br /> <br />If you have any questions regarding this resolution, I will be in attendance at your February 24, 2003 <br />City Council meeting. <br /> <br />Sincerely, <br /> <br />Howard R. Green Company <br /> <br />TJM:sw <br /> <br />Enclosure <br /> <br />Cc: Lori Johnson, Finance Director <br /> <br />Ltr-O20703-Council <br /> 1326 Energy Park Drive · St. Paul, MN 55108 · 651/644-4389 fax 651/644-9446 toll free 888/368-4389 <br /> <br /> <br />