Laserfiche WebLink
FINANCIAL IMPACTS <br />h� This project has iinancial implications for the city including the following: <br />e. 1. Assessments levied in accordance with the City's assessment policy. <br />F� 2. Use of Municipal State Aid (MSA) dollars to fund the majority of the Victaria Street <br />c� reconstruction project, including sidewalk costs between Larpenteur Avenue and County <br />� � Road B. <br />t��� 3. Expenditure of Park Renewal Bond Funds for the construction of the sidewalk from County <br />c�� Road B to County Road B2. <br />4. Expenditure of storm water fund dollars to pay for storm water mitigation costs related to the <br />; addition of the impervious surface of the new sidewalk as well as costs to address some <br />, drainage issues along Victoria Street. <br />r:� 5. Expenditure of utility fund dollars to pay for the repairs needed to the existing utility system. <br />��-� It is proposed that the cost of the project be financed with MSA funds and special assessments. The <br />� following is a summary of the preliminary estimated costs and financing for the reconstruction of <br />- Victoria Street as well as the construction of a sidewalk along Victoria Street from Larpenteur Avenue <br />� to County Road B2. <br />Estimated MSA Assessments Storm Utility Park <br />cost Water Fund Funds Renewal <br />Fund <br />Street <br />Construction $1,290,805.20 $1,139,689.88 $151,115.32 $0 <br />Sidewalk/ $120,000.00 <br />Trail $290,440.00 $170,440.00 $0 $0 <br />Construction <br />Storm Water $215,000.00 $215,000.00 <br />Im rovements <br />Misc. Utility $37,000.00 $0 $0 $37,000.00 <br />Repairs <br />Total $1,833,245.20 $1,310,129.88 $151,115.32 $215,000.00 $37,000.00 $120,000.00 <br />STAFF RECOMMENDATION <br />i�� Staff recommends that the City Council receive the feasibility report and order a public improvement <br /><� hearing for the Victoria Street Reconstruction Project for February 23, 2015 at 6:00 p.m. <br />� REQUESTED COUNCIL ACTION <br />�. Adoption of a resolution receiving the feasibility report and ordering public improvement hearings for <br />the Victoria Street Reconstruction Project for February 23, 2015 at 6:00 p.m. <br />Prepared by: Marc Culver <br />Attachments: A: Resolution <br />B: Feasibility Report <br />Page 3 of 3 <br />