CCP 05-27-1997 - Laserfiche WebLink

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m I . CITY OF ARDEN IDLLS ,. MEMORANDUM DATE: May 23, 1997 I TO: Brian Fritsinger, City Administrator I FROM: Terrance R. Post, City Accountant@ SUBJECT: 1997 Gateway Infrastructure Improvements I Backl'round I The City Engineer was authorized to prepare a Feasibility Study for various utility and street improvements proposed within the Gateway Business District (GBD) by adoption of Resolution No. 97- 20 at the April 14, 1997 Council meeting. The scope ofthe proposed improvements generally include I the reconstruction of West Round Lake Road and the relocation of Fourteenth Street, including the related movement of water and sanitary sewer main and trunk lines. Proiect Pha..in!:' I The scope ofthe proposed improvements appears to break into two distinct phases, both from a timing and funding standpoint. As extracted from the cost tabulation table on Page] 0 of the Feasibility Study, the following summarizes these two phases: -- 1997 Phase ]998 Phase Fourteenth Street Round I,ake Road Utilities (Water & Sanitary Sewer) $ 465,700 $ -0- I Storm Sewer 242,000 232,000 Roadway 487,500 961,300 Landscaping -0- 306.900 . Totsls $1.]95.200 $1.500 200 It is anticipated that the 1997 Phase will be petitioned by the property owner and not result in a 429 I Public Hearing. However, it is anticipated that the parcels will be Iiened via special assessments in order to provide security beyond valuation guarantees contained in the Deve]oper's Agreement. This action may set in motion a Tax Increment Bond issuance to initially fund these and other GBD development I activities. Future tax increment revenue flows are planned to satisfY debt service requirements. It is anticipated that the reconstruction of West Round Lake Road, (the 1998 Phase), be incorporated into I the City's 1998 Pavement Management Program (PMP). It is also assumed that the assessable costs to benefitting property owners include the upgrade of the storm water system, and that portion of the roadway cost that reflects existing conditions. The incrementally higher, non-assessable, roadway and I landscaping costs that will be incurred by the Permanent Improvement Revolving Fund (PIR) are expected to be repaid by future tsx increment revenue flows and MSAS construction funding. . Recommendation Staff recommends that Council adopt Resolution No. 97-29, "A Resolution Receiving The Feasibility Report and Ordering Preparation of Plans and Specifications in the Matter of the Gateway Business tt District Street and Utility Improvements" at the May 27, 1997 regular Council meeting. .