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City Council Regular Meeting Minutes February 23, 2010 Page 3 Ms. Stacie Kvilvang, Ehlers & Associates, explained that annually the City issues 429 General Obligation assessment bonds to complete the planned road reconstruction project. Under the 429 process the City must assess a minimum of 20% of the project costs to benefitting property owners. For the 2010 road reconstruction improvements to Silver Lane, the City is unable to meet the minimum assessment threshold and therefore will need to finance the project through the Street Reconstruction Bond process. Ms. Kvilvang provided information on the Street Reconstruction Bond process and advised that the City is required to hold a public hearing on its intent to issue these bonds and the 5 -Year Street Reconstruction Plan. Ms. Kvilvang reviewed the proposed resolution with the City Council. r 11 Motion by Councilmember Roth, seconded by Councilmember Stille, to approve Resolution 10- 12 021; Calling for Public Hearing on the Intension to Issue General Obligation Street 13 Reconstruction Plan Bonds and the Proposal to Adopt a Street Reconstruction Plan Therefor. 14 15 Motion carried unanimously. 16 17 C. Resolution 10-022; Calling for a Hearing on 2010 Street and Utility Improvements. Todd 18 Hubmer, WSB & Associates, presenting. 19 20 Mr. Todd Hubmer, WSB & Associates, provided an overview of the 2010 Street and Utility 21 Improvement Project, including the proposed improvements, project costs, project schedule and 22 funding sources. Mr. Hubmer reviewed the proposed resolution setting a public hearing to be 23 held on March 23, 2010 at 7:00 p.m. Mr. Hubmer answered questions of the City Council on the 24 2010 Street and Utility Improvement Project. He verified that the estimated project cost has 25 been reduced from $1.9 million to $1.375 million. Residents will have access during the project 26 and will not have issues with trash removal access. 27 28 Motion by Councilmember Roth, seconded by Councilmember Stille, to approve Resolution 10- 29 022; Calling for a Hearing on 2010 Street and Utility Improvements. 30 31 Motion carried unanimously. 32 33 D. Resolution 10-023; Declaring the Cost to Be Assessed and Ordering Preparation of 34 Proposed Assessment. Todd Hubmer, WSB & Associates, presenting. 35 36 Mr. Hubmer reviewed the proposed resolution. He advised that the amount to be assessed is 37 approximately $110,000. 38 39 Mayor Faust requested the following correction to Resolution 10-023: 40 Now, Therefore be it Resolved, (Item 2): "...payable on or before the first Monday in 41 24" 2011..." 42 43 Motion by Councilmember Stille, seconded by Councilmember Roth, to approve Resolution 10- 44 023; Declaring the Cost to Be Assessed and Ordering Preparation of Proposed Assessment, with 45 the following amendment: