06-26-2023 City Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 6A STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: June 26, 2023 TOPIC: Public Hearing. Consider Resolution No. 23-58, Approving Five Year Street Reconstruction Plan and Issuance of Street Reconstruction Bonds VOTE REQUIRED: 2/3 INTRODUCTION Staff is requesting City Council approval of the 2024-2028 Five Year Street Reconstruction Plan and approval regarding the issuance of Street Reconstruction Bonds. BACKGROUND The City Council initiated a Street Reconstruction program in 2014 using Street Reconstruction Bonds as the primary funding source. The initial phase of street reconstruction was undertaken in 2015. The most recent phase of reconstruction included 4th Avenue (north of Main Street) and the Joyer/Karth area roads. At this time, staff is proposing consideration of a street reconstruction plan that includes completing the next two program phases over the next five years as follows: Phase Streets Estimated Cost 2024 Pine Haven Area: 81st St, Elbe St., Danube St. and Red Maple Lane. Diane Street, Evergreen Trail (bituminous overlays) 4,550,000 2027 Lakeview (Elm to Glenview), Fairmont (Sunrise to Sunset) and Gladstone (Sunrise to Sunset) 4,550,000 City Charter requirements are not applicable, provided no special assessments are proposed for the street reconstruction improvements under the street reconstruction project. However, the plan is subject to a reverse referendum. Funding is only being considered for the 2024 project at this time. A 15 year payment schedule would result in annual average debt service of approximately $377,000 based on a $4,550,000 project. Under state law, street reconstruction bonds can be issued without election provided the following requirements are met: a) The City must prepare a 5 year street reconstruction plan b) The City must hold a public hearing c) The City Council must approve the plan by 2/3 vote