HomeMy WebLinkAbout6.g. Authorization to Request and Advance of Municipal State Aid Funds - Bacardi Avenue Improvements, City Project 452 4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting: April 1, 2014
AGENDA ITEM: Authorization to Request an Advance of AGENDA SECTION:
Municipal State Aid Funds — Bacardi Consent
Avenue Improvements, City Project 452
PREPARED BY: Phil Olson, PE, Assistant City Engi AGENDA NO. Vi ,
AO
ATTACHMENTS: Resolution, Map APPROVED BY:
RECOMMENDED ACTIONS: Motion to Adopt a Resolution Requesting an Advance from
the Municipal State Aid Street Fund for the Bacardi Avenue Improvements, City Project 452
ISSUE:
Staff is seeking City Council authorization to request an advance from the Municipal State Aid Fund for
the construction of the Bacardi Avenue improvements.
BACKGROUND:
One of the planned funding sources for this project is the use of advance Municipal State Aid (MSA)
funds with future reimbursement through agreements with developing properties. This allows the City to
advance funds against future years' annual MSA allotments.
The estimated amount of the advance is approximately$1,495,275. It is anticipated that the 2015 MSA
allotment will be large enough to repay the advance.
SUMMARY:
Staff recommends Council approval of the attached resolution to authorize the request for advance
funding from the Municipal State Aid Fund for the Bacardi Avenue Improvements, City Project 452.
G:AP.NGPROJA452VCouncil items\20140401 CC Request Advance of State Aid Funds.docx
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2014-
A RESOLUTION REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID
STREET FUND FOR BACARDI AVENUE IMPROVEMENTS
CITY PROJECT 452
WHEREAS, the City is planning improvements to Bacardi Avenue, City Project 452 (MSA Route
No. 134, Segment 1) which will require State Aid funds in excess of those currently available in its
State Aid Construction Account, and;
WHEREAS, the City is prepared to proceed with the construction of said project through the use
of an advance from the Municipal State Aid Street Fund, and;
WHEREAS, repayment of the funds so advanced will be made in accordance with the provision of
Minnesota Statutes X162.14, Subd. 6 and Minnesota Rules, Chapter 8820.1500, Subp. 10b, and;
WHEREAS, this request is required to be made annually, and;
WHEREAS, the City acknowledges advance funds are released on a first-come-first-served basis
and this Resolution does not guarantee the availability of funds.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF ROSEMOUNT,
MINNESOTA:
The Commissioner of Transportation is hereby requested to approve this advance for financing
Bacardi Avenue Improvements, City Project 452 of the City of Rosemount in an amount up to the
maximum allowed. The City of Rosemount authorizes repayments from subsequent accruals to the
Municipal State Aid Street Construction Account from future year's allocations until fully repaid.
ADOPTED this 1" day of April, 2014.
William H. Droste, Mayor
ATTEST:
Amy Domeier, City Clerk
Bacardi Avenue Improvements M. ROSEMOUNT
City Project 452 .
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