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City Council Regular Meeting Minutes <br />June 27, 2023 <br />Page 3 <br />1 driver of the debt levy. Detailed Engineering and Financial Planning begins approximately one <br />2 year in advance of the construction start date. <br />3 <br />4 Sources of Street Improvement and Debt Service Funds are Street Improvement Debt Levy; <br />5 Bond Proceeds; Assessments; MSA Allocation and One-Time Revenues and Project Savings. <br />6 These Funds are used for Street Improvement Debt; Street Reconstruction; Utility <br />7 Reconstruction; Street Lights; Sidewalks; Mill and Overlays; and Alleys. <br />8 <br />9 The 2024 Mill and Overlay Project will include portions of Hilldale Avenue, 32nd A venue NE, <br />10 Roosevelt Street, 35th Avenue NE, Edward Street, Harding Street, Hilldale Avenue, 32nd Avenue <br />11 NE, Edward Street, Belden Drive, 34th Avenue NE Wilson Street, Harding Street, Roosevelt <br />12 Avenue, Roosevelt Avenue, St. Anthony Road, Townview Avenue and 31st Avenue NE. The <br />13 2024 Thin Maintenance Overlay will include 31st Avenue NE – Silver Lake Road to Rankin <br />14 Road. <br />15 <br />16 Ms. Rueckert reviewed the benefits of the Phase II Debt Levy. Phase II modified the pace of <br />17 improvements to gain the following benefits: <br />18 The City’s Debt burden will be reduced faster. <br />19 The gap years in the street improvement schedule will allow for growth in the <br />20 infrastructure Levy. <br />21 Infrastructure Levy will be used to support street costs, saving interest expense and <br />22 financing costs. <br />23 Residential Street reconstructions anticipated to be completed by 2040. <br />24 Gain flexibility to adjust if other levy demands occur. <br />25 <br />26 Charts showing the Phase II of Debt Levy Planning and Resulting 2024 Debt Levy Program <br />27 were provided for the Council. The Debt Levy will remain at $2,487,181 for levy year 2024. <br />28 <br />29 Council is requested to approve the $2,487,181 in combined 2024 Debt Levy and Street <br />30 Infrastructure Levies as presented. <br />31 <br />32 Councilmember Randle asked if all of the Mill & Overlays for 2024 will be completed in one <br />33 summer and Ms. Rueckert stated that is correct. <br />34 <br />35 Councilmember Webster thanked Ms. Rueckert for getting the City’s finance on a sustainable <br />36 path. She appreciates her continued commitment. <br />37 <br />38 Mayor Stille stated this keeps our interest structure and debt levy flat. The same amount is <br />39 invested in the roads every year. The City is reserving some cash to be able to borrow less. <br />40 <br />41 Motion by Councilmember Webster, seconded by Councilmember Jenson, to approve Resolution <br />42 23-033 – Approving the Proposed 2024 Debt Levy and the Phase II Debt Levy Program for the <br />43 City of St. Anthony. <br />44 <br />45 Motion carried 5-0. <br />46 <br />7