Agenda Packets - 1996/04/22 - Laserfiche WebLink

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:.; .�,,:. 11.F >:•.,i;: ::.i REQUEST FOR COUNCIL CONSIDERATION Agenda Section 96-1682C STAFF REPORT Report Number: it li> Report Date: 4/3/96 CITY COUNCIL MEETING DATE — • : `S"' April 22. 1996 _ Special Order of Bus. ',„, Consent Agenda P�rtneLSMQ4 _ Public Hearings X Council Business Item Description: Resolution Considering Purchase of Midland Videen Inc. Properties (Three parcels adjacent from the Bel Rae) Administrator's Review/Recommendation: C.11--) -No Comments to supplement this report X -Comments attached. Explanation/Summary(attach supplement sheets as necessary) Summary: At the April 1, 1996 Council work session, Council directed staff to proceed with the purchase of the three (3) properties owned by Midland Videen Inc. for the purpose of constructing a surface water detention pond on the largest parcel. Staff has identified funding sources for the purchase of the properties. . Staff has received the newly updated rules regarding advancement of funds over and above the City's construction fund balance. Simply stated the City Council can request an advancement of funds for a MSA construction project not to exceed three (3) times their annual allotment or $500,000.00, which ever is less. In 0 Mounds View's case this amount would be $500,000.00. The advanced funds would be repaid with the City's next available allocations. Staff recommends that the pond property by purchased totally with MSA funds and Council request an advancement of funds. A percentage of both the pond construction and storm sewer pipe will still require funding from the Surface Water Utility. That amount is unknown until final plans are submitted for approval. Of the $330,000.00 for the purchase of the three (3) parcels, MSA would be requested to pay $291,750.00 The two (2) remaining parcels which are zoned B3 Highway Business, could be purchased through utilization of$38,250.00 of TIF funds. Staff has prepared Resolution No. 4929 for Council's consideration. .. ..v��-6-7'41- ...._.. Michael Ulrich, Director of Public Works •RECOMMENDATION: Adopt Resolution No. 4929, Approving the Purchase of the Midland Videen Inc. Properties, PIN Nos. 08-30-23-24-0053, 08-30-23-24-0054, 08-30-23-24-0055 for the construction of a surface water detention pond, from the MSA construction funds and from TIF funds.