Laserfiche WebLink
10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />June 27, 2023 <br />Page 3 <br />driver of the debt levy. Detailed Engineering and Financial Planning begins approximately one <br />year in advance of the construction start date. <br />Sources of Street Improvement and Debt Service Funds are Street Improvement Debt Levy; <br />Bond Proceeds; Assessments; MSA Allocation and One -Time Revenues and Project Savings. <br />These Funds are used for Street Improvement Debt; Street Reconstruction; Utility <br />Reconstruction; Street Lights; Sidewalks; Mill and Overlays; and Alleys. <br />The 2024 Mill and Overlay Project will include portions of Hilldale Avenue, 32"d A venue NE, <br />Roosevelt Street, 350 Avenue NE, Edward Street, Harding Street, Hilldale Avenue, 32"d Avenue <br />NE, Edward Street, Belden Drive, 30 Avenue NE Wilson Street, Harding Street, Roosevelt <br />Avenue, Roosevelt Avenue, St. Anthony Road, Townview Avenue and 3151 Avenue NE. The <br />2024 Thin Maintenance Overlay will include 3111 Avenue NE — Silver Lake Road to Rankin <br />Road. <br />Ms. Rueckert reviewed the benefits of the Phase II Debt Levy. Phase II modified the pace of <br />improvements to gain the following benefits: <br />• The City's Debt burden will be reduced faster. <br />• The gap years in the street improvement schedule will allow for growth in the <br />infrastructure Levy. <br />• Infrastructure Levy will be used to support street costs, saving interest expense and <br />financing costs. <br />• Residential Street reconstructions anticipated to be completed by 2040. <br />• Gain flexibility to adjust if other levy demands occur. <br />Charts showing the Phase II of Debt Levy Planning and Resulting 2024 Debt Levy Program <br />were provided for the Council. The Debt Levy will remain at $2,487,181 for levy year 2024. <br />Council is requested to approve the $2,487,181 in combined 2024 Debt Levy and Street <br />Infrastructure Levies as presented. <br />Councilmember Randle asked if all of the Mill & Overlays for 2024 will be completed in one <br />summer and Ms. Rueckert stated that is correct. <br />Councilmember Webster thanked Ms. Rueckert for getting the City's finance on a sustainable <br />path. She appreciates her continued commitment. <br />Mayor Stille stated this keeps our interest structure and debt levy flat. The same amount is <br />invested in the roads every year. The City is reserving some cash to be able to borrow less. <br />Motion by Councilmember Webster, seconded by Councilmember Jenson, to approve Resolution <br />23-033 — Approving the Proposed 2024 Debt Levy and the Phase II Debt Levy Program for the <br />City of St. Anthony. <br />Motion carried 5-0. <br />