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City Council Regular Meeting Minutes March 23, 2010 Page 2 1 IV. PUBLIC HEARING. 2 3 Mayor Faust opened the public hearings for Resolution Nos. 10-025, 10-026, and 10-027 at 7:03 4 p.m. 5 6 Todd Hubmer, WSB & Associates, provided an overview of the 2010 Street Improvement 7 Project. He discussed the project schedule, project cost, and funding sources, the assessment 8 amount of $110,008.92, and the assessment process in accordance with Minnesota Statutes 9 Chapter 429. 10 11 Mr. Hubmer reviewed Resolution Nos. 10-025 and 10-026 for consideration by the City Council. 12 13 Councilmember Stille requested a recap on the engineer estimate in relation to the current 14 competitive environment in the market. Mr. Hubmer stated the original engineer estimate 15 included in the feasibility study was approximately $1,900,000 for the St. Anthony portion of the 16 project. This estimate was reduced, and bids on the project then came in at $1,375,000. 17 18 Mr. Jim Christy, 3472 Silver Lane, addressed the City Council and stated his request that the 19 2010 Street Improvement Project include curb cuts on every corner. He also requested that the 20 traffic signals and street signs be located far enough back to accommodate wheelchair access. 21 Mr. Hubmer stated that the project will need to meet ADA standards. There will be proper 22 pedestrian standards and crossings and there may be an opportunity to include midblock 23 pedestrian crossings in a couple of locations. In regards to the placement of traffic signals, the 24 signal at Silver Lane and Silver Lake Road is not proposed for replacement at this time. 25 26 Stacie Kvilvang, Ehlers & Associates, provided background information on 429 assessment 27 bonds as the typical method of financing street reconstruction projects. She stated total project 28 costs of the 2010 Street Improvement Project are approximately $1.3 million, and that the City 29 will be assessing approximately $110,000 to benefiting property owners. Since the amount 30 being assessed is not at least 20% of the project costs, the City will be financing the 31 improvements through street reconstruction bonds instead of the typical 429 assessments bonds. 32 It is proposed that the City issue General Obligation Street Reconstruction Bonds to finance the 33 entire remaining balance of the project not being paid by assessments. Ms. Kvilvang provided an 34 overview of the requirements for proceeding with the GO Street Reconstruction Bonds, 35 including the requirement that the City Council hold a public hearing and approve the 5 -year 36 Street Reconstruction Plan (SRP). Ms. Kvilvang indicated that the project cost has been reduced 37 from the $155,000 included in the staff report to a cost of approximately $118,000 to $120,000. 38 39 Ms. Kvilvang reviewed Resolution 10-027 and 10-028 for consideration by the City Council. 40 41 Councilmember Stille clarified with Ms. Kvilvang that the interest rate on the assessments will 42 be at a rate of 2.0% above True Interest Costs of the bonds. 43 44 Mayor Faust closed the public hearing at 7:23 p.m. 45