06-01-2020 Council Work Session Packet

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a1, draft lino lakes 2020-2024 street reconstruction plan 2020v11 5/29/2020 the issuance of bonds. Notice of such hearing must be published in the official newspaper of the City at least 10, but not more than 28 days prior to the date of the public hearing. The City Council must approve the SRP and the sale of street reconstruction bonds by a unanimous vote of those members present at the meeting following the public hearing. Voters may petition for a reverse referendum on the issuance of street reconstruction bonds. If a petition bearing the signatures of voters equal to at least 5% of the votes cast in the last general election requesting a vote on the issuance of street reconstruction bonds is received by the City Clerk within 30 days after the public hearing, the City may only issue general obligation street reconstruction bonds after approval by voters at an election. If no petition is submitted, general obligation street reconstruction bonds may be issued without an election. In subsequent years, the process is repeated annually or as expenditures are completed and new needs arise. III. PROJECT SUMMARY AND FINANCING Street reconstruction projects anticipated to be undertaken within the next five years and the estimated costs thereof are set forth in Appendix A. A map of the proposed project streets is included in Appendix B. Those for which street reconstruction bonds are anticipated to be issued are marked with an asterisk in Appendix A and are currently anticipated to include the following: 2021 Street Reconstruction Bond Financed Expenditures – The 2021 Street Reconstruction Project includes the reconstruction of the following streets; 4th Avenue (Main Street to Pine Street) by required upgrades of the existing stormwater management system and curb replacement, and bituminous surfacing. General obligation street reconstruction bonds are proposed to be issued in 2021 in an aggregate principal amount of approximately $2,600,000.00 for the costs of the 4th Avenue Improvements from Main Street to Pine Street, and the Karth Area Improvements including Karth Road, Joyer Lane, Talle Ln, Canfield Road, and Gaage Lane Drive Improvements, and the costs of issuing the bonds. Such bonds may be combined with other financing tools, including general obligation improvement bonds, to finance other capital improvements in the City. The bonding for the 4th Avenue Improvements and the Karth Area Improvements is expected to occur in 2021 but could happen at any time during the 2020 through 2024 Five-Year Street Reconstruction Plan. 4th Avenue Improvements The pavement on 4th Avenue is in very poor condition. The roadway is located in a high water table and poorly draining soils are located under and adjacent to the roadway. Portion of the road cross