HomeMy WebLinkAbout24-058 Authorize Funding and 2024 Budget Amendments and Transfer for Ipava Avenue, Indiana Avenue and 175th Street Improvements City Project 24-03 CITY OF LAKEVILLE
RESOLUTION NO. 24-058
Resolution Authorizing Funding and 2024 Budget Amendments and Transfers for
Ipava Avenue, Indiana Avenue and 175`" Street Improvements
City Project 24-03
WHEREAS, the Ipava Avenue, Indiana Avenue and 175''' Street Improvements, City Project 24-
03, is programed in the adopted Lakeville 5-year Capital Improvement Plan (2024-2028).
NOW,THEREFORE, BE IT RESOLVED by the City Council of Lakeville,Minnesota:
The estimated project cost is$2,630,353 and anticipated funding sources are listed below.City staff
is hereby authorized to amend the 2024 budgets (if needed as the project is completed) and make
the appropriate transfers between funds with respect to the project funding sources up to 10%
above the estimated costs.Funding transfers may include loans between funds to cover engineering
and other costs incurred on the project in advance of receiving other funding.
Fundin S� ource Amount
City of Lakeville (Property taxes) �2,247,304
Syecial Assessments 40,842
Water Operating Fund 53>714
Sanitary Sewer C�erating Fund 15,829
Park Dedication Fund 272,663
S 2,630,353
ADOPTED by the Lakeville City Council this 3`d day of June 2024.
4
� �
Luke M. Hellier,Mayor
Ann Orlofsky,City Clerk
Su�porting Information
• Project Costs: Total
Cost Type Amount
Construction Contract (OMG Midwest) $2,169,252
Engineering(Design/Inspection/Administration) 281,536
Bonding 69,450
Contingency(5% of contract) 96,900
Other costs 13,214
$2,630,353
• Project Costs: By Type
Funding Source Amount
City of Lakeville (Property taxes) $2,247,304
Special Assessments 40,842
Water Operating Fund 53,714
Sanitary Sewer Operating Fund 15,829
Park Dedication Fund 272,663
$2,630,353
Street and storm sewer improvements will be financed with debt issuance/bonds; principal and
interest payments will be repaid with property tax levies beginning in 2025. Watermain
rehabilitation will be funded by the Water Operating Fund and sanitary sewer rehabilitation will
be funded by the Sanitary Sewer Operating Fund. Trail improvements and pedestrian crossing
enhancements at intersections will be funded by the Park Dedication Fund.
• Assessments: Terms and Conditions
o Interest rate: 3.00%
o Term: 10 years (Determined by actual assessment amount per City Poliry)
o First payment due with taxes payable 2025