HomeMy WebLinkAbout25-082 Authorizing Funding and 2025 Budget Amendments and Interfund Loan for the Acquisition of Real Property at 17622 Dodd Boulevard CITY OF LAKEVILLE
RESOLUTION NO. 25-082
RESOLUTION AUTHORIZING FUNDING AND 2025 BUDGET AMENDMENTS
AND INTERFUND LOAN FOR THE ACQUISITION OF REAL PROPERTY
AT 17622 DODD BOULEVARD
WHEREAS, the City is proposing to acquire the property located at 17622 Dodd
Boulevard,Lakeville,Minnesota consisting of two parcels with PID Nos. 22-00900-79-011 and 22-
73370-00-070;and
WHEREAS, multiple funding sources are proposed for the property acquisition;and
WHEREAS,the majority of the property acquisition costs will be incurred and paid by the
City prior to receipt of franchise fee revenues.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota:
1) The total cost of property acquisition and clean-up is estimated to be $5,700,000, including a
purchase price of$5,400,000,plus estimated costs for demolition, surveys, environmental and
closing costs. Anticipated funding sources are listed below. City staff is hereby authorized to
amend the 2025 budgets 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 costs incurred in advance of receiving other funding.
Fundin�Sources Total
Franchise Fees $ 1,053,598
Public Safety Aid 1,850,000
WaterTrunk Fund 2,796,402
Total $ 5,700,000
2) The land acquisition and associated costs will be accounted for in the Building Fund (F4000),
with transfers as needed between the funds listed above/below.
3) A loan from the Water Trunk Fund (F5500) is authorized in an amount sufficient to cover all
costs incurred for the land acquisition and associated costs until Franchise Fees are received
and/or bond proceeds are received.
4) If an interfund loan is utilized, the Water Trunk Fund (F5500) will be the lending fund. If an
interfund loan is needed, a separate resolution will be brought to Council establishing the
specific terms of the loan. The lending fund will be compensated for the use of its financial
resources at the market rate realized on the City's general investment pool during the loan
period, which will end when a sufficient amount of combined bond proceeds and franchise
fees are collected.
ADOPTED by the Lakeville City Council this 2nd day of June 2025.
. �
Luke M. Hellier, Mayor
ATTEST:
Ann Orlofs y, City Clerk