HomeMy WebLinkAbout[08] Park Terrace ImprovementMY OF SST. JOSVPH
MEETING DATE: September 15, 2011
AGENDA ITEM: Park Terrace Improvement
SUBMITTED BY: Administration /Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION:
Council Agenda Item 8
PREVIOUS COUNCIL ACTION: The City Council has been considering the improvements to the Park Terrace
Addition and conducted a public improvement hearing on April 14, 2011. Since the hearing the City Council has
hired an appraiser to conduct an assessment benefit analysis report and conducted a public hearing soliciting input
from residents on the proposed debt to service the improvement.
BACKGROUND INFORMATION: Once the public hearing is conducted, the City Council has six months to decide
whether or not to proceed with the project. If the decision is not made within six months, a new public hearing
would be required.
The staff has provided the Council with different financing options which include:
1. Financing the project over a 15 year period with the assessment paid in fifteen equal installments.
2. Financing the project over a 15 year with the assessments in six equal installments
3. Financing the project over a 15 year period with interest only for the first three years, to get to 2014
4. Financing the project over a 20 year period
5. Financing the project over a 15 year period buying down the first two years with $100,000 from
planned revenue for anticipated project and assessing the project with six equal installments.
In addition, the staff has provided an updated Debt schedule indicated the long term impact of the debt. The City
maintains a declining debt schedule; therefore, as debt is retired new debt has less of an impact.
To move the Proiect forward the motion authorizing the ordering of plans and specifications would be required. As
stated at previous meetings the decision to order an improvement requires a 4/5 vote of the membership; a
motion of 3:2 while it is a passing vote, is not sufficient to order an improvement, the vote must be a minimum of
4:1.
If the nroiect is not ordered the Council should formalize why the project is not moving forward. For your
convenience the email from Tom Jovanovich has been included in this packet along with draft findings of fact.
BUDGET /FISCAL IMPACT:
ATTACHMENTS: Request for Council Action ...................................... ............................... 8:1 -2
Resolution 2011 -019 ................................................. ............................... 8:3
FinancialImpact ........................................................ ............................... 8:4
REQUESTED COUNCIL ACTION: The Council needs to decide whether or not order the improvement.
8:1
THIS PAGE INTENTIONALLY LEFT BLANK
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CITY OF ST. JOSEPH
RESOLUTION 2011 -019
RESOLUTION ORDERING IMPROVEMENT AND PREPARATION OF PLANS
Park Terrace Improvements
WHEREAS, the city council directed the City Staff to schedule a public hearing on the proposed
improvement of Park Terrace area by constructing street, curb, gutter, water, sewer and storm sewer
improvements; and .
AND WHEREAS, ten days' mailed notice and two weeks' published notice of the hearing was given, and
the hearing was held thereon on the 14`h day of April, 2011, at which all persons desiring to be heard
were given an opportunity to be heard thereon,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ST. JOSEPH, MINNESOTA:
1. Such improvement is necessary, cost - effective, and feasible as detailed in the feasibility report.
2. Such improvement is hereby ordered as proposed in the council resolution adopted the 15`h day
of September, 2011.
3. SEH is here by designated as the engineer for this improvement. The engineer shall prepare
plans and specifications for the making of such improvement.
4. The city council declares its official intent to reimburse itself for the costs of the improvement
from the proceeds of the tax exempt bond.
Adopted by the council on this 15`h day of September, 2011.
Rick Schultz, Mayor
Judy Weyrens, City Administrator
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