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OTo: <br />E H L E R S <br />I <br />LEAOERS IN PUBLIC FINANCE <br />OTo: <br />Mike Morrison — City Manager <br />MFrom: <br />Stacie Kvilvang & Jonathan North — Ehlers and Associates <br />W <br />Date: March 11, 2008 <br />Subject: 2008 Road Reconstruction Bonds <br />Overview <br />Since 2006 the City has been discussing the reconstruction of Silver Lake Road and it has been <br />formally identified as the City's 2008 Road Reconstruction project. Total project costs are <br />estimated to be approximately $3.5 million and the sources of funding identified for the project <br />are as follows: <br />GRAND TOTAL 1 $ 3,500,000 <br />As noted in the chart above, $1.2 million of the project has already been funded in 2007 with <br />existing cash resources of the City. It is proposed that the City issue a Street Reconstruction <br />Bond in 2008 to pay for the remaining portion of the project. <br />Primary Issues to Consider: <br />1. Can the City assess benefiting property owners for the project? <br />2. What is the proposed financing mechanism for the remaining project costs? <br />30 <br />3. How does this type of financing differ from the City's typical way of financing street <br />reconstruction projects? <br />4. What is the timeline/process for the issuance of the bonds? <br />LEADERS IN PUBLIC FINANCE <br />3o6o Centre Pointe Drive Phone: 65i -697-85o6 Fax:65i.-697-8555 <br />Roseville, MN 55si3-iio5 skvilvang@ehlers-inc.com <br />