Laserfiche WebLink
• <br />CITY COUNCIL <br />AGENDA ITEM 6D <br />STAFF ORIGINATOR: Jason C. Wedel, City Engineer <br />MEETING DA "I'E: May 14, 2012 <br />TOPIC: Approve Request for an Advance from the Municipal State Aid <br />Street Fund for Calendar Year 2012 <br />VOTE REQUIRED: 3/5 Vote Required <br />BACKGROUND <br />This spring the office of Municipal State Aid contacted all of the cities currently eligible for <br />funding and informed them that there is currently a significant surplus of funds currently available. <br />They are therefore encouraging cities to utilize these funds by taking out advances from future year <br />allotments to either accelerate new projects or to pay down past projects sooner. The advances are <br />limited to five times the City's annual allotment. <br />• The City is currently using our MSAS allotment to pay down the debt on both the I -35W and the I- <br />35E interchange projects. We are therefore requesting the maximum advance amount possible. <br />We currently receive $655,420 per year, so we are requesting five times that amount or $3,277,100. <br />However, we are not guaranteed we will receive the full amount. The advances are being provided <br />on a first come first serve basis, so depending on the funds available at the time our request is <br />submitted it could impact the final apportionment. <br />• <br />RECOMMENDATION <br />Staff recommends adoption of Resolution 12 -41 Requesting an Advance from the Municipal State <br />Aid Street Fund for Calendar Year 2012 for the City of Lino Lakes, Minnesota. <br />P40 <br />