HomeMy WebLinkAbout21-134CITY OF LAKEVILLE
RESOLUTION NO. 21-134
Resolution Adopting the 5 -Year Capital Improvement Plan (2022-2026) and
Approving the Issuance of General Obligation Capital Improvement Bonds
WHEREAS, the purpose of the Capital Improvement Plan (CIP) is to protect the infrastructure and
capital assets of the City of Lakeville by establishing a replacement plan for existing infrastructure and
capital assets and by identifying those improvements necessary to accommodate the growth of the
community; and
WHEREAS, the CIP is a flexible planning document that attempts to balance the financial resources
of the City with its needs; and
WHEREAS, the CIP covers a five-year period of 2022-2026; sets forth the estimated schedule, timing,
and details of specific capital improvements by year, together with the estimated costs, the need for
the improvements, and sources of revenue to pay for the improvements; and
WHEREAS, on September 16, 2021, the Lakeville Planning Commission reviewed the CIP and
passed a motion recommending adoption of the CIP by the City Council and finding that the capital
improvements identified in the 2022-2026 CIP were consistent with the Comprehensive Plan; and
WHEREAS, during the course of the preparation and review of the Capital Improvement Plan, the
Council has considered, for each capital improvement: the condition of the City's existing
infrastructure, including the projected need for repair or replacement; the likely demand for the
improvements; the estimated cost of the improvements; the available public resources; the relative
benefits and costs of alternative uses of the funds; operating costs of the proposed improvements; and
WHEREAS, on October 4, 2021, the Lakeville City Council conducted a Public Hearing on the 2022-
2026 CIP and offered opportunity for public testimony on the capital spending priorities of the City
Council.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville Minnesota as
follows:
1. The recitals set forth above are incorporated herein.
2. The 2022-2026 Capital Improvement Plan is hereby adopted.
3. AUTHORIZATION OF BONDS. The City hereby gives preliminary approval to the
issuance of the Bonds in the approximate principal amount of $56.7 million, the proceeds
of which will be used, together with additional funds of the City to finance costs of various
Capital Improvement Plan Projects and to pay costs of issuance of the Bonds. The City
staff is hereby authorized, in consultation with the City's financial advisor and legal
counsel, to take all necessary action to call for the sale of the Bonds and to present
proposals to this Council for approval at a subsequent meeting.
4. VOTER REFERENDUM CONTINGENCY. Pursuant to State Statute 475.521, if a
petition requesting a vote on the question of issuing the Capital Improvement Bonds,
signed by voters equal to five percent of the votes cast in the last municipal general
election, is filed within thirty days of the public hearing, the City may issue the Capital
Improvement Bonds only after obtaining the approval of a majority of the voters voting
on the question of the issuance of the Capital Improvement Bonds. The authorizations
and approvals contained herein are subject to and contingent upon not receiving such a
petition, or, in the event such a petition is filed, the approving vote of a majority of the
voters voting on the question of the issuance of the Capital Improvement Bonds.
ADOPTED by the Lakeville City Council this 4th day of October 2021
CITY OF LAKEVILLE
Douglas P. Anderson, Mayor
Charlene Friedges, City
VOTE
Anderson
Bermel
Hellier
Lee
Volk
Aye
91
❑
191,
[a-
&k
Nay
❑
❑
❑
❑
❑
Abstain
❑
❑
❑
❑
❑
Absent
❑
COY
❑
❑
❑