HomeMy WebLinkAbout4.k. Notification of Receipt of Loan/Amendment of BudgetsEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: March 2, 1992
AGENDA ITEM: Notification of Receipt of Loan
AGENDA SECTION:
For Planning Assistance & Amendment of Budgets
Consent
PREPARED BY:
AGENDt-Mam
`VI K
Jeff May, Finance Director
ATTACHMENTS: Resolution, Memo from Met Council
APP BY _
Copy of Check & Loan Agreement, Council Memo
r
On February 19, 1992, we received a check from the Metropolitan
Council in the amount of $35,325.00. This check is for a
planning assistance loan that we applied for at the end of 1991.
The purpose of this loan is to help with the costs needed to
finish the Comprehensive Guide Plan.
At this time, we would like to acknowledge receipt of the loan
proceeds and to amend the revenue and expenditure budgets of the
General Fund to take into account these extra revenues and
expenditures for 1992. The total amount of the loan proceeds are
going to go into the budget area for the Assistant Planner,
although there will be expenditures made out of other areas of
the Planning Budget which will technically be part of the
planning assistance loan agreement.
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION APPROVING THE AMENDMENT OF CERTAIN 1992
BUDGET ITEMS for the General Fund as outlined in the attached memo.
COUNCIL ACTION:
DATE: February 26, 1992
TO Mayor McMenomy
Council Members Klassen, Staats, Willcox & Wippermann
FROM: Jeff May, Finance Director
SUBJECT: Budget Amendments
This is a request to amend both the revenue and expenditure
budgets for the General Fund to acknowledge the receipt of the
planning assistance loan proceeds that we have just received.
This memo is to show the line by line detail of the actual
changes to be made to the budget, of which the totals are
summarized in the Resolution before you.
GENERAL FUND DETAIL
Detail for Revenues:
101-39310-00-000(Loan Proceeds) $35,325.00
Total Revenues $35,325.00
Detail for Expenditures:
101-41910-03-101(Regular Pay)
$26,200.00
101-41910-03-102(Dvertime Pay)
2,000.00
101-41910-03-108(vacation Pay)
830.00
101-41910-03-109(Holiday Pay)
1,005.00
101-41910-03-121(PERA W/H)
1,300.00
101-41910-03-122(FICA W/H)
1,800.00
101-41910-03-125(Medicare W/H)
420.00
101-41910-03-131(Health Insurance)
1,376.00
101-41910-03-132(Dental Insurance)
255.00
101-41910-03-133(Life Insurance)
139.00
Total Expenditures
$35,325.00
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992 -
A RESOLUTION APPROVING THE AMENDMENT OF
CERTAIN 1992 BUDGET ITEMS
WHEREAS, the City Council recognizes the need to amend certain
items from the 1992 General Fund operating Budget, the totals
which are as follows:
(1) General operating revenues, the total which reflects an
increase of $35,325.00;
(2) General operating expenditures, the total which reflects an
increase of $35,325.00.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City
of Rosemount hereby approves the amendment of the above listed
budget items for the 1992 General Budget.
ADOPTED this 2nd day of March, 1992.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against•
V A
METROPOLITAN COUNCIL
Mean Park Centre, 230 Fast Fifth Street, St. Poul. MN 55101-1634 612 291.6359 FAX 612 291-6550 77Y 612 291-0904
February 14, 1992
Lisa Freese
Director of Planning
2875 145th St. W. Box 510
Rosemount, MN 55068-0510
Enclosed is the city's planning assistance loan contract and a check in the amount of $35,325.00. The
loan contract outlines requirements for midpoint and final reports, along with a repayment schedule.
If you have any questions about the contract, please call me at 291-6621.
Sincerely,
c� puAzk�
Tori Flood
Loan Coordinator
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PAYEE NAME: CITY OF ROSEMOUNT CHECK DATE: 02/14/92 CHECK NO: 030974
VENDOR CODE: 01708
PO NO ACCT REFERENCE NO DESCRIPTION INVOICE NO AMOUNT
L924 129 -6400301 -L-92-4-- Planning Assist. Loan 2/11/92 35325.00
METROPOLITAN COUNCIL-* HEARS PARK CENTRE .
230 EAST FIFTH STREET'* ST. PAUL, MN. 55101 TOTAL AMOUNT:. 35,325.00
PLEASE DETACH BEFORE DEPOSITING
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PAY TO THE.CITY OF ROSEMOUNT . _ .
ORDER OF.2875 - 145TH _. ST W
ROSEMOUNT MN
55068
02/14/92
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Loan No. L-92-4
LOAN AGREEMENT
BETWEEN
THE METROPOLITAN COUNCIL
AND
THE CITY OF ROSEMOUNT
THIS AGREEMENT is made and entered Into this 10thday ofFe�Y ,
1992, by and between the Metropolitan Council, hereinafter referred to as the "Council," and
the City of Rosemount, hereinafter referred to as the *Lendee."
WHEREAS, the Council is authorized by Minnesota Statutes, Section 473.867,
to establish a planning assistance fund to assist local governments in carrying out planning
activities and to adopt uniform procedures for the award, disbursement and repayment of
grants and loans; and
WHEREAS, the Lendee has applied to the Council for a loan to revise the City's
comprehensive guide plan and update the City's zoning and subdivision ordinances; and
WHEREAS, the Council desires to assist the Lendee In completing its work plan by
making a loan through the Council's planning assistance fund.
NOW, THEREFORE, in consideration of the Council's agreement to loan planning
funds to the Lendee and the Lendee's agreement to repay said funds, the Council and
Lendee agree as follows:
1. Amount
The Council shall pay to the Lendee a total loan amount of $35,325.00. The
total amount of loan funds shall be made available to the Lendee within ten
days following execution of this Loan Agreement.
2. Scope of Work: Estimated Completion Date
The Lendee agrees to do, perform and carry out in a satisfactory and proper
manner the activities specified in the work program set forth in Lendee's loan
application, which is attached hereto as Appendix and made a part hereof.
That portion of the work program which shall be funded by the loan award is
described in Section 3.A. of this Loan Agreement. The estimated completion
date of the work program is August 31, 1992.
3. Authorized Use of Loan Proceeds
A. The Lendee shall utilize the loan funds to pay for the activities specified
under "Contract Costs" in the Project Budget contained in Exhibit A, up
to a total maximum expenditure of $35,325.00. The activities so paid for
out of loan funds shall constitute the funded portion of the work
program.
B. The Lendee agrees that no more than seventy-five percent (75%) of the
total cost of carrying out the work program set forth in Appendix A shalt
be financed by loan funds.
C. It is understood and agreed that costs and expenses to be paid for out
of loan proceeds shall be in substantial accord with the specifications
contained in Appendix A, and with other provisions contained in this
Loan Agreement. it is further understood and agreed that the following
costs and expenses shall be the only costs and expenses paid for out
of loan proceeds:
1. Compensation of existing staff.
2. Compensation of newly hired staff.
3. Employment of a qualified consultant(s).
4. Payment of other costs such as overhead, rental of space and
equipment, purchase of supplies, printing and publishing.
4. Accounting
A. The Lendee agrees to establish and maintain an accurate and complete
separate control account for loan funds received, and to maintain
accurate and complete accounts and records relating to the receipt and
expenditure of any and all loan funds including, but not limited to,
documentation and information relating to the selection and payment of
consultants..
B. The above accounts and records of the Lendee shall be audited by the
Lendee in the same manner as all other accounts and records of the
Lendee are audited, and may be audited and/or inspected on the
Lendee's premises or otherwise by individuals or organizations
designated and authorized by the Council, following reasonable
notification, during the loan period and for a period of at least three
years following the final loan payment. The Lendee shall provide the
Council reasonable access to the Lendee's accounts and records
during business hours.
5. Reports
A. Mid -Point Progress Report. The Lendee shall prepare and deliver to the
Council a mid -point progress report advising the Council on the status
of the activities undertaken in connection with this Loan Agreement.
The report shall contain a short description of the utilization of loan
funds to date, projected future planning expenses and any anticipated
problems in meeting completion dates. The mid -point progress report
is due May 31, 1992.
B. Final Progress Report. The Lendee agrees that upon completion of the
total work program, the Lendee will submit to the Council a final
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progress report which shall be evaluated by the Council to determine
that:
1. The planning costs funded by this loan did not exceed
seventy-five percent (75%) of the total cost of the work program.
2. The scope of work was completed.
3. The terms of this Loan Agreement were met.
The final progress report is due November 20, 1992.
6. General Conditions ^ .
A. Duration. The period of loan award specified herein shall commence on
the execution of this agreement and remain in force and effect until
January 20, 1995.
B. Re2ayment. The Lendee agrees to repay the Council in accordance
with the following schedule:
1. The Lendee will remit to the Council on or before January 20,
1993 an initial payment of $11,775.00.
2. The Lendee will remit to the Council on or before January 20,
1894 a second payment of $11,775.00.
3. The Lendee will remit to the Council on or before January 20,
1995 a final payment of $11,775.00.
C. Breach. In the event that the Council finds that there has been a failure
to comply with the provisions of this Loan Agreement, the Lendee
agrees to repay to the Council funds not used in accordance with this
Loan Agreement. These funds shall be repaid at an interest rate of 8
percent per year, compounded annually, from the date of the act which
was in breach of this Loan Agreement. In addition, the Council reserves
the right to take other action it deems necessary to protect its interests
in the event of a breach by the Lendee.
D. Changes. The terms of this Loan Agreement may be changed or
modified by mutual, agreement of the parties hereto. Such changes or
modifications shall be effective only upon the execution of written
amendments signed by authorized representatives of the Council and
the Lendee.
E. Nondiscrimination. The Lendee agrees to comply with all applicable
laws relating to nondiscrimination, affirmative action, public purchase,
contracting and employment.
In particular, the Lendee agrees not to discriminate against any
employee or applicant for employment because of race, color, religion,
sex or national origin, and to take affirmative action to ensure that
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following: employment, upgrading, demotion, transfer, recruitment,
layoff, termination, rates of pay and other forms of compensation, and
selection for training.
The Lendee further hereby acknowledges that the Council encourages
the Lendee and its contractors to take affirmative action to utilize
women/minority/disadvantaged businesses in their assisted planning
activities.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written by their authorized representatives.
ERM00367
METROPOLITAN COUNCIL
Sharon G. Klumpp, ExecAW Director
LENDEE: CITY OF ROSEMOUNT
By
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