Res. #10-035 - Trail Project Funding & Loan Between Funds

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RES. #10-0,5— A RESOLUTION AUTHORIZING TRAIL PROJECT FUNDING PLAN AND LOAN BETWEEN FUNDS WHEREAS, the City Council has previously authorized the Trail Link Project which will construct various trails and sidewalks in the City, and WHEREAS, the estimated cost for construction of the improvement is determined to be S 1, 119,3 09. 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. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF CENTERVILLE, MINNESOTA: 1) The City Council hereby authorizes a loan in the amount of the local cost of $825,000, more or less based upon final construction cost, from the Sanitary Sewer fund (#602) to the Trail Project Fund (#414).