02/06/2012 Council Packet - Laserfiche WebLink

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• • • WS — Item 4 WORK SESSION STAFF REPORT Work Session Item 4 Date: February 6, 2012 To: City Council From: Michael Grochala Re: Otter Lake Road Extension Public Hearing Background The public hearing on improvements for the Otter Lake Road Improvements project is scheduled for the February 13, 2012 City Council meeting. The purpose of the hearing is to take public testimony on the proposed improvements from interested parties and likely the property owners affected by the improvements. The proposed project is located within a Charter exempt area therefore the improvement process follows Minnesota Statutes, Chapter 429. Following closure of the hearing the council may take the following steps: 1. Take no action 2. Request additional information 3. Authorize preparation of plans and specifications The project will likely be funded through the issuance of general obligation improvement bonds and specially assessed against two benefitting property owners. One of the property owners has previously indicated their opposition to the proposed improvement. Accordingly the council may wish to obtain additional information such as land appraisals and or a special benefit analysis prior to moving forward with the more costly preparation of plans and specifications. This information may assist the council in assessing the potential financial risk in moving forward with the project. The project is reliant on special assessments for repayment of any bonds issued to support the project. If the specials cannot be substantiated then any short falls would need to be covered by property tax levy. Requested Council Direction Staff is requesting council direction regarding preferred action following public hearing.