Laserfiche WebLink
AGENDA ITEM <br />Prepared By:RJO Reviewed By: A. Carlson Approved By: <br />1.Purpose. The purpose of this action item is to approve a Supplemental Capital Improvement Plan <br />(CIP) and authorize the issuance of bonds under Minnesota Statute Section 475.521. <br />2.Background. The City has been going through the process of designing a new Public Works <br />Facility to replace the facility. The City is also in the process of establishing a fire department. <br />Establishment of the department will require a building to operate out of. These two building projects <br />can be funded by bonds sold under Minnesota Statute 475.521. This statute requires the adoption of <br />a Five-Year Capital Improvement Plan (CIP) in order to issue the bonds. The Public Works <br />Facility was included in the City’s 2021 CIP, the Fire Department is a new addition. The <br />supplemental CIP that the council is being asked to approve satisfies the requirements of the <br />statute. <br />Another requirement of the statute is that the City holds a public hearing prior to the adoption of <br />the CIP and the issuance of the bonds. The public hearing provides the public the opportunity to <br />ask questions and comment about the proposal. Notice of the hearing has been published in the <br />official newspaper and is posted on the City website. <br />3.Cost. The cost of the Public Works and Fire facilities will be $16,000,000. <br />4.Funding. Funding for this project will be through the issuance of bonds in an amount not to exceed <br />$16,000,000. <br />5.Staff Recommendation. Staff recommends approving the Supplemental Capital Improvement Plan <br />and confirming the City’s intent to issue bonds to fund the plan. <br />COUNCIL ACTION REQUESTED <br />Motion to Adopt Resolution No. 7233, approving the Supplemental Capital Improvement Plan and <br />confirming the City’s intent to issue bonds to fund the plan. <br />Exhibits <br />A. Supplemental CIP <br />B. Resolution <br />C. CIP Bonding Schedule <br />Item No.: 9 Date:November 8, 2021 <br />Item Description:Approval of the Supplemental Capital Improvement Plan and the <br />Sale of Bonds <br />Presenter:Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Public Hearing