CC PACKET 05092000 - Laserfiche WebLink

Home Browse Search

05/03/00 14:57 $952 912 2601 SEE ASSOC AW - MEMORANDUM 10901 Red Circle Drive,SUite 200, Minnetonka,MN 55343.9100 952.912.2600 600.734.6757 952.912.2601 FAX TO: Mr. Mike Mornson - City Manager FROM: Mike Foertsch DATE: May 3, 2000 RE: WAS Funding Resolutions SEH No. ASANTH9902.03 There are three (3) documents-attached which require approval from the City Council. They are as follows: 1) A Resolution Requesting Authority To Encumber Future MSA Funds 2) A Resolution Requesting Approval For The Use of Local Funds To Finance Projects Until WAS Funds Become Available 3) Request To Reserve Advance Funding-City is eligible to request $500,000. • The Request To Reserve Advance Funding puts the City in line for "an interest free loan" from the State which can be used to finance MSA projects which are not funded by the City's current MSA fund balance. This money is paid back to the State through future MSA allocations. This money is not guaranteed. There currently is no money available in this State account for the State to lend to cities. A request has been made to the State Aid Engineer to allocate another $5M for the cities to borrow. If the City secures this money from the State, the City would not have to internally transfer $500,000 to cover the some of the costs associated with 33rd Avenue and the 29th Avenue projects. The request outlines an estimated $701,100 which the City needs over and above it's current MSA fund balance to fund the 29th Avenue, 33rd Avenue, Silver Lake Road and Mllcrest signal projects. The MSA projects scheduled to start in 2000 will deplete the City's MSA monies until at least the year 2006. If you have any questions or need additional information,please contact me. Short Elliott Hendrickson Inc. Offices located throughout the Upper Midwest Equal Opportunity Employer We helpyou plan,design,and achieve