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be $2,149.31. Staff recommends Council approve payment request #1 in the amount of <br />$40,836.82 to Schreiber Mullaney Construction for the construction of the City of Hugo Lions <br />Park Pavilion. <br /> <br />G.11 Approve Reduction in Letter of Credit for Adelaide Landing 6th Addition <br /> <br />Adelaide Landing 6th Addition has had significant work completed to date and The Excelsior <br />Group is requesting a reduction in the letter of credit. The current letter of credit for the 6th <br />Addition is in the amount of $1,854,238. Staff has inspected the work completed to date and <br />recommends Council approve the reduction in the letter of credit to $1,029,737 based on the <br />value of work remaining to be completed. <br /> <br />I.1 Approve Resolutions Declaring Costs to be Assessed and Setting Public Hearing for the <br />Downtown Improvement Project <br /> <br />Staff has prepared two resolutions for Council consideration in accordance with the requirement <br />of state statutes Chapter 429 for assessments to benefitting properties. The first resolution is a <br />resolution declaring the costs to be assessed and ordering the preparation of the proposed <br />assessment roll for the 2021 Downtown Improvement Project. The second resolution is a <br />resolution calling the hearing on assessments for the 2021 Downtown Improvement Project. <br />Staff is requesting that the assessment hearing for the 2021 Downtown Improvement Project be <br />set for October 4th, 2021. The total project cost is $3,240,800 with $259,639.75 to be assessed. <br />Construction will continue through the fall of 2021. Staff recommends Council approve both <br />resolutions. <br /> <br />I.2 Approve Resolution Providing for the Issuance and Sale of General Obligation Tax <br />Abatement Bonds <br /> <br />At the August 2, 2021 City Council meeting, Council adopted a Resolution Providing for the <br />Competitive Negotiated Sale of $8,380,000 General Obligation Tax Abatement Bonds, Series <br />2021A. The bonds are being issued to finance the Lions Park improvement project and related <br />improvements. Bids for the sale of the bonds will be accepted until 11:00am on Tuesday, <br />September 7, 2021. The principal amount of the bond and debt service schedule will not be <br />finalized until after the sale takes place. A preliminary Resolution Accepting Offer on the Sale <br />of $8,380,000 General Obligation Tax Abatement Bonds, Series 2021A, Providing for Their <br />Issuance and Pledging Tax Abatements and Levying a Tax for the Security and Payment Thereof <br />has been drafted and is subject to change after the bids are tabulated. The final resolution will be <br />prepared based on the bids received and will be presented to the City Council at the meeting. <br />Paul Steinman with Baker Tilly will present the bid tabulation to the City Council, along with a <br />recommendation for awarding the sale. <br /> <br />J.1 Authorization to Prepare the Feasibility Study for the 2022 Oneka Parkway <br />Improvement Project <br /> <br />Staff has worked to develop a 5-year Capital Improvement Plan for roadway infrastructure which <br />was approved in 2020 by the City Council as part of the City’s overall 5-year Capital <br />Improvement Plan. Next year’s improvement project is identified as the 2022 Oneka Parkway <br />Improvement Project and includes mill and overlay improvements along Oneka Parkway from <br />Frenchman Road (CSAH 8) to 149th Street N and full street reconstruction along Oneka