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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 />City Council Regular Meeting Minutes <br />March 23, 2010 <br />Page 2 <br />IV. PUBLIC HEARING. <br />Mayor Faust opened the public hearings for Resolution Nos. 10-025, 10-026, and 10-027 at 7:03 <br />p.m. <br />Todd Hubmer, WSB & Associates, provided an overview of the 2010 Street Improvement <br />Project. He discussed the project schedule, project cost, and funding sources, the assessment <br />amount of $110,008.92, and the assessment process in accordance with Minnesota Statutes <br />Chapter 429. <br />Mr. Hubmer reviewed Resolution Nos. 10-025 and 10-026 for consideration by the City Council. <br />Councilmember Stille requested a recap on the engineer estimate in relation to the current <br />competitive environment in the market. Mr. Hubmer stated the original engineer estimate <br />included in the feasibility study was approximately $1,900,000 for the St. Anthony portion of the <br />project. This estimate was reduced, and bids on the project then came in at $1,375,000. <br />Mr. Jim Christy, 3472 Silver Lane, addressed the City Council and stated his request that the <br />2010 Street Improvement Project include curb cuts on every corner. He also requested that the <br />traffic signals and street signs be located far enough back to accommodate wheelchair access. <br />Mr. Hubmer stated that the project will need to meet ADA standards. There will be proper <br />pedestrian standards and crossings and there may be an opportunity to include midblock <br />pedestrian crossings in a couple of locations. In regards to the placement of traffic signals, the <br />signal at Silver Lane and Silver Lake Road is not proposed for replacement at this time. <br />Stacie Kvilvang, Ehlers & Associates, provided background information on 429 assessment <br />bonds as the typical method of financing street reconstruction projects. She stated total project <br />costs of the 2010 Street Improvement Project are approximately $1.3 million, and that the City <br />will be assessing approximately $110,000 to benefiting property owners. Since the amount <br />being assessed is not at least 20% of the project costs, the City will be financing the <br />improvements through street reconstruction bonds instead of the typical 429 assessments bonds. <br />It is proposed that the City issue General Obligation Street Reconstruction Bonds to finance the <br />entire remaining balance of the project not being paid by assessments. Ms. Kvilvang provided an <br />overview of the requirements for proceeding with the GO Street Reconstruction Bonds, <br />including the requirement that the City Council hold a public hearing and approve the 5 -year <br />Street Reconstruction Plan (SRP). Ms. Kvilvang indicated that the project cost has been reduced <br />from the $155,000 included in the staff report to a cost of approximately $118,000 to $120,000. <br />Ms. Kvilvang reviewed Resolution 10-027 and 10-028 for consideration by the City Council. <br />Councilmember Stille clarified with Ms. Kvilvang that the interest rate on the assessments will <br />be at a rate of 2.0% above True Interest Costs of the bonds. <br />Mayor Faust closed the public hearing at 7:23 p.m. <br />2 <br />