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88 <br /> WSB <br /> assvcinres,lnc. January 3, 2002 <br /> Honorable Mayor, City Council and Staff <br /> c/o Michael Morrison <br /> City of St. Anthony <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418 <br /> Re: Flood Improvement Project Funding Update <br /> WSB Project No. 1065-15 <br /> Dear Honorable Mayor, City Council and Staff: <br /> The purpose of this letter is to provide you an update on the status of funding for storm water <br /> improvement projects within the City of St. Anthony. This letter provides a summary of the <br /> balance in the storm water utility fund, a discussion of the funds currently encumbered by the <br /> City under existing contracts, anticipated funding for 2002 storm water improvement projects, <br /> and anticipated expenditures to complete 2002 storm water improvements. <br /> I. Storm Water Fund Balance <br /> - Project Balance $91,125.15 <br /> - Storm Water Fees Non-Designated $183,178.70 <br /> - MDNR Disbursement(12/01) $1,014,129.03 <br /> • Total Cash on Hand $1,288,432.88 <br /> H. Encumbered Funds <br /> Below is a list of projects which are currently under contract within the City of St.Anthony. The anticipated costs to <br /> complete these projects are: <br /> A. 1999 Street Reconstruction Project $12,000.00 <br /> B. 2000 Street Reconstruction Project * $261,000.00 <br /> C. 2001 Street Reconstruction $500,000.00 <br /> D. 2002 Street Reconstruction $70,000.00 <br /> E. Harding Street Ponding Improvements $240,000.00 <br /> F. Pahl Avenue Pond Construction $4,500.00 <br /> G. 2001 Flood Reduction Grant Program $8,000.00 <br /> Total Funds Encumbered ($1,095,500.00) <br /> Total Cash on Hand for 2002 Projects $192,932.00 <br /> III.Anticipated Revenues for 2002 Projects <br /> A. 2002 Street Reconstruction Bond $1,500,000.00 <br /> B. Minnesota Dept of Natural Resources Flood Hazard Mitigation Grant ** $700,000.00 <br /> Total 2002 Revenue $2,200,000.00 <br /> Funds Available for 2002 Flood Improvement Projects $2,392,932.00 <br /> IV.Proposed 2002 Projects <br /> 4150 Olson A. Silver Point Park Building $290,000.00 <br /> Memorial Highway B. 2002 Street Reconstruction $2,300,000.00 <br /> C. Silver Lane Storm Water Feasibility Report $20,000.00 <br /> Suite 300 <br /> Anticipated Total Cost for Projects in 2002 ($2,610,000.00) <br /> nneapolis <br /> Anticipated Shortfall for 2002 Projects ($217,068.00) <br /> 4innesota <br /> 55422 <br /> 763.541.4800 <br /> 763541.1700 FAX Minneapolis • St. Cloud • Equal Opportunity Employer <br />