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given the issuance of general obligation bonds it may be necessary to levy to cover <br />outstanding debt service. <br />The agreement does include additional opportunities for the city to earn credits based <br />toward our share. City and county staff have explored options including county road <br />turnbacks and land in lieu of cash for a future salt storage /truck garage. These are just <br />examples but show how the county is willing to be flexible in addressing the cost share. <br />The credit option also provides the city with a "contingency" to address potential <br />overruns, assessment adjustments if necessary or as an interim financing source. <br />Given the deadlines for use of the ARRA funds (November 15, 2009) both the city and <br />county are anxious to finalize the agreement. In order to position the project to meet this <br />timeline we are anticipating the need to approve the JPA at the September 28, 2009 <br />council meeting. This date corresponds to the expiration of the 60 day petitioning <br />process as outlined in the city charter. <br />Following completion of the Springsted analysis staff is recommending a meeting with <br />the city council to discuss options. While unfortunate it is possible that no satisfactory <br />option exists or is determined acceptable to both parties and the project is terminated. <br />Council Direction <br />Staff is requesting council consideration of the proposed agreement parameters. Staff is <br />also requesting consideration of a special meeting to discuss financing options based on <br />Springsted Inc., analysis prior to the September 28, 2009 council meeting. <br />Attachments <br />1. Draft Joint Powers Agreement <br />