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2019-08-28 CC Packet
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2019-08-28 CC Packet
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RES. #10-0,5:�— <br />A RESOLUTION AUTHORIZING TRAIL PROJECT FUNDING PLAN AND <br />LOAN BETWEEN FUNDS <br />WHEREAS, the City Council has previously authorized the Trail Link Project which will <br />construct various trails and sidewalks in the City, and <br />WHEREAS, the estimated cost for construction of the improvement is determined to be <br />51,119,309.00 and <br />WHEREAS, a portion of the project will be paid by grant money from the Federal <br />Transportation Enhancement Grant Funds in the amount of $791,280.00, and <br />WHEREAS, Anoka County will act as agent/grantee on behalf of Centerville in receiving <br />Grant funds and contracting for the construction, and <br />WHEREAS, Anoka County has submitted a Joint Powers Agreement defining the <br />responsibilities of the County and City, and <br />WHEREAS, such agreement estimates the City's share of the construction cost at <br />$328,029.65, which together with additional costs for engineering, acquisition of <br />easements and other non -grant costs of $496,970.35, provides for a total local cost of <br />$825,000, and <br />WHEREAS, the City share of the project costs are expected to be paid from park <br />dedication fees as they are received, and <br />WHEREAS, there will initially be a shortage in funding that is proposed to be paid from <br />a loan from the Sanitary Sewer Fund #602, and <br />WHEREAS, a previously authorized loan from the Sanitary Sewer Fund #602 to the Park <br />Capital Fund in the amount of $283,311.88 for the Hidden Spring Park project, and <br />WHEREAS, it is desirable to consolidate the financing plan for both loans. <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br />CENTERVILLE, MINNESOTA: <br />1) The City Council hereby authorizes a loan in the amount of the local cost of <br />$825,000, more or less based upon final construction cost, from the Sanitary Sewer <br />fund (#602) to the Trail Project Fund (#414). <br />
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