05-27-14 Council Packet - Laserfiche WebLink

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based on bond issuance of 10, 15, and 20 years. A 15 year schedule would result in annual debt service of approximately $269,000 based on a $3,000,000 project. At this time staff is proposing a street reconstruction plan schedule that includes the first two project phases over the next five years as follows: Phase Streets Total Length (Feet) Estimated Cost 2015 Hokah Dr, Rice Ct, Totem Tr, Arrowhead Dr, Tomahawk Tr, Tomahawk Ct, Chippewa Tr, Arrowhead Ct 10,535 $3,009,125 2019 West Shadow Lake Drive, Shadow Ct, Sandpiper Drive, LaMotte Dr, LaMotte Circle 10,643 $3,040,015 Staff is working with WSB, Springsted Inc. and the City's bond counsel Kennedy and Graven, to refine the plan to meet the provisions of Minnesota Statutes 475 relating to street reconstruction and bituminous overlays. This would allow for the City to possibly proceed with a project in 2015 in the event that a charter amendment is not approved. However, as previously discussed, the plan 1) is subject to a reverse referendum and 2) at this point would need to be funded without special assessments. Under State law street reconstruction bonds can be issued without election provided the following requirements are met: a) The City must prepare a 5 year street reconstruction plan b) The City must hold a public hearing c) The City Council must approve the plan by unanimous vote. d) A 30 day period must elapse during which time a petition may be submitted requesting an election. The petition must be signed by voters equal to 5% of the votes cast in the last municipal general election. e) If no petition is received the city may issue bonds without election. To provide for the reverse petition process and allow for preparation of a ballot question for submittal to Anoka County the City would need to hold the required public hearing at the June 23 City Council meeting. There is time within the schedule to allow for some modification of this date but a special meeting would need to be held. The city is required to provide a public hearing notice between 10 and 28 days before the hearing. Staff is anticipating presenting the draft plan to the council in further detail at the June 3 work session. Requested Council Direction None required. Staff is proposing to notice the public hearing to consider adoption of a 5 year street reconstruction plan for June 23, 2014.