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WS -1 WORK SESSION MEMORANDUM To: City Council From: Al Rolek Date: March 9. 2005 Re: Work Session Item #1, Pavement Management Financing Report cc: In 2004, as a first step in developing a pavement management program, the City hired TKDA to perform a pavement management study to address the long -term needs for maintenance of the City's transportation infrastructure. The result of that study was a Pavement Management Report which included an evaluation of the current condition of the City's local streets and provided an estimate of cost of maintaining and reconstructing those streets to maximize the useful life of these assets. The City Council reviewed this report at its work session held November 17, 2004. The next step in developing a pavement management program was to explore financing options and policies. On December 13, 2004, the City Council took action to have a pavement management financing report prepared by Springsted, Inc. The purpose of this report is to identify available funding sources to implement a pavement management program and to project the impact of these funding sources on he user fees and property tax rates over the next 10 years, as well as to suggest associated financial policies required to implement the program in a fair and equitable manner. Springsted, Inc. has completed the preparation of the pavement management financing report. Representatives will be in attendance at the March 9 work session to present their report and to discuss the recommendations with the City Council. The next step in the process is to prepare and adopt pavement management maintenance and reconstruction policies and financing policies. The final outcome of the process will incorporate all previous phases into a comprehensive Pavement Management Program. Page 1