HomeMy WebLinkAbout07-070
. CITY OF LAKEVILLE
RESOLUTION
Resolution No. 07-70
RESOLUTION APPROVING THE 5-YEAR CAPITAL IMPROVEMENT
PLAN 2007-2011 AND AUTHORIZING THE ISSUANCE AND SALE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS,
SERIES 2007 D
WHEREAS, during the course of the preparation and review of the S-Year Capital
Improvement Plan 2007-2011 (the CIP) the City Council (the Council) of the City of Lakeville,
Minnesota (the City) has considered, for each capital improvement and for the CIP overall: the
condition of the City's existing infrastructure, including the projected need for repair or
replacement; the likely demand for the improvement; the estimated cost of the improvement; the
available public resources; the level of overlapping debt in the City; the relative. benefits and
costs of alternative uses of the. funds; operating costs of the proposed improvements; and
alternatives for providing services most efficiently through shared facilities with other cities or
local government units; and
• .WHEREAS, the CIP covers at least afive-year period beginning with the date of its
adoption; sets forth the estimated schedule, timing, .and details of specific capital improvements
by year, together with the estimated cost, the need for the improvement, and sources of revenue
to pay for the improvement; and
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 the City has published
notice of its intent to approve the CIP and to issue capital improvement plan bonds thereunder
and the time and date'of the hearing to obtain public comment on the matter at least fourteen (14)
but not more than twenty-eight (28) days prior to the date hereof; and
WHEREAS, the City has, on the date hereof,. April 16, 2007, held a public hearing on the
CII' and to obtain public comment on its intent to issue the capital improvement plan bonds.
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows:
SECTION 1: APPROVAL. The CIP is hereby approved.
SECTION 2. PURPOSE. It is hereby determined to be in the best interests of the City to issue
its General Obligation Capital Improvement Plan Bonds, Series 2007D, in an aggregate principal
amount not to exceed $17,690,000 pursuant to Minnesota Statutes, Section 475.521 and Chapter
475, to finance the construction of a police station, as more fully described in Exhibit A attached
hereto.
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• SECTION 3. TERMS OF PROPOSAL. Springsted Incorporated,. financial advisor to the City,
has presented to this Council a form of T~s~of P~opo,~l for the Bonds which is attached hereto
and hereby approved and shall be placed on file by the City Clerk. Each and all of the provisions
of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the
sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota
Statutes,. Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the
Bonds on behalf of the City on a negotiated basis.
SECTION 4. SALE MEETING.. This Council shall meet at the time andplace shown in the
Terms a~ Pr+v~al, for the purpose of considering sealed bids for the purchase of the Bonds and
of taking such action thereon as maybe in the best interests of the City.
APPROVEDAND ADOPTED this 16th day of April, 2007.
CITY OF LAKEVILLE,
By. ,
• Ho y Dahl, M yore
ATTE T:
Charlene Friedges, Ci lerk
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• Exhibit A
Construction of a police station consisting of a 66,000 square foot building.. The
building is to be located on the northwest corner of 183rd Street and Dodd Boulevard.
The. main level of the new station will include areas for patrol, investigations,
administration, evidence and property, and booking, as well as locker rooms. Almost
half of the new 66,000-square-foot building will serve as secure underground parking
for police department vehicles.
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