2010-11-24 CC Packet - Laserfiche WebLink

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RES. #10-0 • A RESOLUTION AUTHORIZING TRAIL PROJECT FUNDING PLAN AND LOAN BETWEEN FUNDS WHEREAS, the City Council has previously authorized the Trail Link Project which will I construct various trails and sidewalks in the City, and WHEREAS, the estimated cost for construction of the improvement is determined to be $1,119,309.00 and WHEREAS, a portion of the project will be paid by grant money from the Federal Transportation Enhancement Grant Funds in the amount of $791,280.00, and WHEREAS, Anoka County will act as agent/grantee on behalf of Centerville in receiving Grant funds and contracting for the construction, and WHEREAS, Anoka County has submitted a Joint Powers Agreement defining the responsibilities of the County and City, and WHEREAS, such agreement estimates the City's share of the construction cost at $328,029.65, which together with additional costs for engineering, acquisition of • easements and other non-grant costs of $496,970.35, provides for a total local cost of $825,000, and WHEREAS, the City share of the project costs are expected to be paid from park dedication fees as they are received, and WHEREAS, there will initially be a shortage in funding that is proposed to be paid from a loan from the Sanitary Sewer Fund #602, and WHEREAS, a previously authorized loan from the Sanitary Sewer Fund #602 to the Park Capital Fund in the amount of $283,311.88 for the Hidden Spring Park project, and WHEREAS, it is desirable to consolidate the financing plan for both loans. I NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF I CENTERVILLE, MINNESOTA: I 1) The City Council hereby authorizes a loan in the amount of the local cost of $825,OOQ, more or less based upon final construction cost, from the Sanitary Sewer fund (#602) to the Trail Project Fund (#414). • � 24 �