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RES. #10 -0 <br />A RESOLUTION AUTHORIZING TRAIL PROJECT, PROJECT FUNDING <br />PLAN AND 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 />$1,055,040.00 and <br />Vv'IIEREA a rz? <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 />$284,860.80, which together with additional costs for engineering, acquisition of <br />easements and other non -grant costs of $377,673.00, provides for a total local cost of <br />$662,533, 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. <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br />CENTERVILLE, MINNESOTA: <br />1) The Joint Powers Agreement is approved and the mayor and clerk are hereby <br />authorized to execute such agreement. <br />2) The City Council hereby authorizes a loan in the amount of the local cost of <br />$662,533, more or less based upon final construction cost, from the Sanitary Sewer <br />fund (#602) to the Trail Project Fund (#414). Such loan shall be repaid with interest at <br />a rate of 1.5% from the park dedication fees received through the Park Capital Fund <br />(#402) in accordance with the attached Exhibit B. <br />9�{ <br />