HomeMy WebLinkAbout23-109 Adoption of 5-Year Capital Improvement Plan (2024-2028) and Approval of the Issuance of GO Capital Improvment Bonds CITY OF LAKEVILLE
, RESOLUTION NO.23-109
Resolution Adopting the 5-Year Capital Improvement Plan (20242028}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 2024-2028;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 21,2023,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 2024-2028 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 Cit�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 2,2023,the Lakeville City Council conducted a Public Hearing on the 2024-
2028 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 2024-2028 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$58.2 rnillion, the proceeds
of which will be used,together with additional funds of the City to Finance costs of various
Capital Improvement Plan Projects and to pay costs of issuance of the Bonds. The City staff
is hereby authorized, in consultation with the City's financial advisor and legal counsel,to
take all necessary action to call for the sale of the Bonds and to present proposals to this
Council for approval at a subsequent meeting.
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4. VOTER REFERENDUM CONTINGENCY. Pursuant to State Statute 475.521,if a petition
requesting a vote on the question of issuing the Capital Improvement Bonds, signed by
voters equal to five percent of the votes cast in the last municipal$eneral 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. T'he 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 2nd day of October 2023.
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Luke M.Hellier,Mayor
• Ann Orlofsky,City Clerk
VOTE Hellier Bermel Lee Volk Wolter
Aye p L�] p �p �
Nay ❑ ❑ ❑ D �
Abstain ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
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