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<br />III. Infrastructure Capital Project Fund (450) <br /> <br />Background: <br />Street and trails projects are funded with the Infrastructure Capital Project Fund that was established in <br />1995 as a way to systematically fund these infrastructure projects. A 15-Year Pavement Improvement <br />Plan was prepared in 2021, and those projects and costs are included in this CIP. <br /> <br />Source of Funds: <br />The fund receives revenues from many sources including the franchise fee for electric (proposed increase <br />of 50% or $180,000 starting with 2024), property taxes, and special assessments. Further, projects <br />associated with Stormwater Infrastructure have been moved to a new implemented Stormwater Utilities <br />Fund 603. This fund is scheduled for implementation beginning with 2024, and will be funded with a new <br />stormwater utility fee. 2026 includes 2,150,000 Grants for LC Road 4-3. <br />Uses of Funds and CIP highlights: <br />2024 Street Improvement Project - Total Budgeted $1,448,060. <br />• County Road D - $110,000 <br />• Jackson Street and LC Road - $351,669 <br />• Country Drive RR Tracks to So Owasso - $706,391 <br />• LC Road 4-3 and Roundabout - $230,000 <br />• County Road C - $50,000 <br />2026 Street Improvements – Total Budget $4,404,000 <br />• LC Road 4-3 and Roundabout for $2,100,000 which is a split project shared with Vadnais Heights <br />• McMenemy Street - $1,125,000 <br /> <br />Fund Outlook: <br />With the current property tax levy of $160,000 per year, the fund will have sufficient funds for the <br />infrastructure projects identified in the next ten years. <br /> <br />