HomeMy WebLinkAbout21-099CITY OF LAKEVILLE
RESOLUTION NO. 21-99
Resolution Authorizing Funding for Glacier Way Improvements
WHEREAS, the contract for Glacier Way Improvements, City Project 21-21, is being awarded
on August 2, 2021; and
WHEREAS, the majority of the project costs will be funded per a Public Improvement and
Special Assessment agreement with Jacob M. Devney and Steven J Devney, Trustees of the
Devney Land Trust, dated November 29, 2012, and The Pulte Homes of Minnesota, LLC; and
WHEREAS, the project costs will be incurred and paid by the City prior to receipt of special
assessment funding.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lakeville,
Minnesota:
1) The estimated project cost is $1,181,173 and anticipated funding sources are listed below.
City staff is hereby authorized to amend the 2021 budgets and make the appropriate
transfers between funds with respect to the project funding sources up to 10% above the
estimated costs.
2) The project will be accounted for in the Improvement Construction Fund (F6584), with
transfers as needed between the funds listed below.
3) A loan from the Water Trunk Fund (F5500) is authorized in an amount sufficient to
cover all project costs incurred for the Glacier Way Improvements until special
assesst
hent proceeds are received.
Funding Sources Amount
City of Lakeville (Park Dedication Fund) $ 213,427
City of Lakeville (Water Trunk Fund) 14,391
Special Assessments (Devney) 415,690
Special Assessments (Pulte) 537,665
$ 1,181,173
ADOPTED by the Lakeville City Council this 2nd day of August 2021.
l
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Charlene Friedges, City Cle
Douglas P. Anderson, Mayor