09/12/2011 Council Packet - Laserfiche WebLink

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• • • Q. 33& AGENDA ITEM 6Ai STAFF ORIGINATOR Al Rolek & Michael Grochala MEETING DATE September 12, 2011 TOPIC Consider Resolution 11 -92 Authorizing Amendment to G.O. Improvement Note of 2009A and Amendment to Joint Powers Agreement with Anoka County VOTE REQUIRED BACKGROUND Simple Majority On October 5, 2009 the City Council approved a joint powers agreement (JPA) with Anoka County for the reconstruction of the I -35E /CSAH 14 interchange. The JPA specified the terms of the City's participation in the reconstruction project, including financing considerations based upon construction estimates at that time. Anoka County issued its G.O. Improvement Bond 2009E to finance this project, of which $4,260,000 was for the City's portion. In December, 2009, the City issued its G.O. Improvement Note in the amount of $4,260,000 to Anoka County establishing terms of repayment of the County's Bonds. The project has come in considerably under estimates and Anoka County has since drafted a revised JPA for the Council's consideration. The revision includes a reduction in the City's cost of the project (construction, land acquisition and engineering) to $3,695,000, leaving repayment terms the same as in the original agreement. It also includes a payment to the City of $300,000 in consideration of the turnback of Lilac Street. Resolution 11 -92 authorizes the execution of the amendment to the JPA for this project and also amends the G.O. Improvement Note of 2009A to reflect the reduction of the City's obligation to Anoka County to $3,695,000 to be repaid by August, 2023. Staff is recommending approval of Resolution 11 -92. RECOMENDATION Staff is recommending approval of Resolution No. 11 -92. ATTACHMENTS 1. Resolution No. 11 -92 2. JPA Amendment No. 1