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it?fr C 996;W C6Ctii17141 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 7, 1991 <br />RE: DeSoto Street Improvement Bids <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Co!lova <br />Jim LaValle <br />ADMINISTRATOR <br />Joel R. Hanson <br />Bids for the DeSoto Street improvement project will be <br />received Tuesday morning at 10 a.m. Hopefully, Mike Lynch <br />will be able to complete his review of the bids and have a <br />recommendation for award for that evening's meeting. We <br />will also be making the developer aware of these numbers <br />prior to the Council meeting. <br />When the Council considers making award of the bids, they <br />should be aware of the following two facts: <br />(1) <br />Long term financing for this project will <br />presumably come from bond proceeds. As of this <br />date, we have not called for a sale on this <br />issue. Initially, internal funds on hand will be <br />able to address the cash flow needs of this <br />project. However, we should be making <br />arrangements for long term financing. I have <br />discussed this with Brad Farnham of Springsted, <br />Inc. and the goal is to combine it with the 1986 <br />storm sewer restructuring bond and possibly the <br />tax increment financing issues for Kandice Heights <br />Phases II and III. I want the Council to be aware <br />that some risk exists by awarding the bids prior <br />to securing financing. The risk is that the City <br />would have to fully fund the costs of the <br />improvements if we were unable to secure a bond <br />issue. In discussing this with Brad Farnham, we <br />feel the risk is minimal to nonexistent and should <br />not present any constraints to award of the <br />contract. <br />P.a''e" 37 <br />