2009-073 Council Resolution - Laserfiche WebLink

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• 4. The City agrees to contribute sixty percent (60 %) to the remaining construction cost after federal and state funds have been applied. The estimated local cost (total cost less federal and state funds) of the construction is $1,435,000 as shown in Exhibit A. The cost to the City is $861,000. E. Participation in the cost of the construction administration & administration required for the Project is as follows: 1. The estimated construction administration & administration costs for the Project are $1,200,000 as shown in the attached Exhibit A. 2. The County has entered into an agreement with MnDOT for in -kind construction engineering & administration services to be provided by MnDOT. 3. The County shall pay One Hundred percent (100 %) of the remaining construction engineering & administration costs if they occur. The cost to the County is $0. F. The Payment from the City to the County shall be as follows: 1. The total estimated cost of the City's share of the Project is $4,241,833. 2. The City has previously paid for the preliminary engineering & environmental documentation for the Project via MnDOT Agreement No. 89335 in the amount of $20,833. 3. The remaining costs for the City's share of the Project are estimated at $4,221,000. 4. The County will initially bear the City's remaining share of the costs associated with the Project. 5. The City's remaining share of its costs, plus interest and service charges accrued by the County to carry the City's debt, will be due and payable as follows. Upon issuance by the County of bonds to finance a portion of the Project (the "County Bonds ") the City will issue and deliver to the County a General Obligation Improvement Note (the "City Note ") substantially in accordance with the terms described in this Section. a) Amount. The City Note will be issued in the original principal that compensates the County for the City's remaining share of Project costs ($4,221,000), along with the City's allocated share of costs of issuance of the County Bonds (including underwriter's discount). The parties currently expect that the principal amount of the City Note will be approximately $4,370,000, but the actual principal amount will be determined at the time of sale of the County Bonds.