HomeMy WebLinkAbout2025.03.03 RESO 2025-4 Transfer Lions Pk Funds to St CIP CITY OF HUGO
RESOLUTION 2025-4
RESOLUTION APPROVING THE TRANSFER OF REMAINING
LIONS PARK BOND PROCEEDS TO THE STREET CIP FUND
WHEREAS, on September 7, 2021, the City of Hugo issued $8,170,000 in General Obligation
Tax Abatement Bonds to finance public improvements to Lions Park and other related public
improvements.
WHEREAS,the bond proceeds were recognized in the Lions Park Construction Fund and used
to cover expenses related to the improvement of Lions Park.
WHEREAS, all financial obligations related to the construction of Lions Volunteer Park and the
Peder Pedersen Pavilion have been satisfied.
WHEREAS, $147,752.15 of bond proceeds remain in the Lions Park Construction Fund, and as
stated in the bond documents, bond proceeds may also be used to cover expenses related to
various public improvements associated with the Lions Park improvement project.
WHEREAS, Upper 146th Street and Fitzgerald Avenue, which are adjacent to Lions Volunteer
Park, were reconstructed to accommodate the improvements to the park and provide on-street
parking for park visitors.
WHEREAS,the expenses related to the reconstruction of Upper 146 h Street and Fitzgerald
Avenue were paid out of the Street CIP Fund.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, that the remaining bond proceeds be transferred from the Lions Park Construction
Fund to the Street CIP Fund to cover a portion of the expenses related to the reconstruction of
Upper 146t' Street and Fitzgerald Avenue, which are related public improvements and eligible
uses of bond proceeds as outlined in the bond documents.
Adopted by the City Council of the City of Hugo, Minnesota this 3rd day&- 25.
Tom Weidt, Mayor
Attested:
Michele Lindau, City Clerk