The URL can be used to link to this page

Home My WebLink About06-134 - ADMIN Resolution - City Council - 2006/08/21RESOLUTION NO. 06-134 RESOLUTION AMENDING THE PROJECTS FUNDED BY THE $3,705,000 GENERAL OBLIGATION BONDS, SERIES 2005A WHEREAS the City of St. Louis Park has previously issued its $3,705,000 General Obligation Bonds, Series 2005A; and WHEREAS modifications, delays, and cancellations have occurred with several of the projects listed in the onginal resolution; and WHEREAS the City has other projects that may be funded by the bond issue proceeds and qualify for inclusion on the same basis as projects that were included in the original issue, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St Louis Park that it approves amendments to the projects to be funded by the 2005A G.O Bonds to include the projects shown on the attached list. The City Manager is authorized to substitute or modify projects shown on the attached list up to the amount of available proceeds for project costs in the bond issue capital project fund. Rev wed for Administration: Attest. City Clerk Adopted by the City Council August 21, 2006 EXCERPT FROM STAFF REPORT OF APRIL 18, 2005 REGULAR MEETING 8a. Sale of 2005A General Obligation Bond and 2005B General Obligation Tax Increment Refunding Bond Description Council is requested to approve resolutions providing for the sale of the 2005A and 2005B Bond sales Recommended Action: Motion to approve resolutions providing for the sale of $3,780,000 General Obligation Bonds, Series 2005A and $2,470,000 General Obligation Tax Increment Refunding Bonds, Series 2005B BACKGROUND: The 2005-2009 Capital Improvement Program (CIP) was approved by the City Council at their January 18, 2005 meeting. The CIP is used by the City to identify and implement vanous improvements throughout the community. Several projects initiated by the City of St. Louis Park require the use of General Obligation debt for partial or full financing During the March 28, 2005 Study Session, Council reviewed the feasibility of issuing a General Obligation Bond to fund the following projects. Project Project Number Bond Cost Total Project Year of Cost Construction Crossing lmprvement Projects 19990900 $ Lamplighter Pond - Dredging & Modifications - Area A 20001800 Bikeways Improvement Project 2001 1000 Alley Paving Project - Edgebrook Dnve 20031500 Sidewalk Improvement Project - Pedestrian Curb Ramps 20040100 Sidewalk Improvement Project -Other Segments 20040200 Trail Improvemetn Project - Other Segments 20040300 Street Project - Closures at RR Crossings20041200 Street Project - TH 100 Noise Wall (West) 20050100 Street Improvement Project - W 44th Street 20050500 Aquatic Park Expansion (see note below) 20063010 $ Trail Project - Trail Connections 20040301 Trail Project - Mtka Blvd (Hwy 169/Hutch Spur) 20040302 Trail Project - Connection at Cedar Lake Rd 20040303 Street Project 20051300 Street Project - Mtka Blvd BR Repl @ Hutch Spur Trail 20061200 Street Project - Hwy 7 Merge Lane Mod @ Blake Road 20081200 Building Project - Police Department (Roof Replacemen MBF - 009 City wide Telephone System TFR - 211 Total 2005 Requested Reimb. Resolution Total anticipated 2005 GO Bond issue (excludes bond issue costs) 146,831 $ 75,000 476,061 37,423 146,831 2004 and 2005 1,569,902 2004 476,061 2005 56,824 2004 120,350 294,877 291,240 108,000 141,490 100,000 1,000,000 120,350 2005 501,927 2004 528,444 2004 108,000 2005 2,900,416 2005 100,000 2006 $ 1,000,000 2006 81,000 81,000 2005 _187,740 187,740 1c2005 1 150,000 150,000 2005 35,000 35,000 2006 74,000 508,000 2006 12,500 250,000 2008 200,000 200,000 2005 300,000 300,000 2006 $ 3,831,512 $ 9,220,495 $ 3,780,000 NOTE: The total anticipated 2005 Bond issue costs indicated in the above information exceeds the actual bond anticipated due to staff anticipating utilizing other available Project Proposed Additional Projects Amount Year Funding Source Rec Center Generator (park & rec) Voting booths (admin) 2 Field Laptops for PW engineering MSA Dakota/Wooddale 20051101 MSA Quentin Ave project 20051100 Copiers Section 1 Subtotal Westwood roof (park & rec) Point of Sale registers (park & rec) HVAC screening Carpet & Installation costs (Police) Fire Station Improvements (FIRE) City hall & misc sidewalk projects City hall elevator ID Printer (HR) Police Software (public safety) Laptop/Punter (HR) Job Search data base software (HR) Finance Scanner Finance Budget software City Hall Parking Lot (flood protection) Section 2 Subtotal 347,471 24,000 14,000 300,000 380,000 150,000 1,215,471 Subtotal of Lists 1 and 2 Excelsior Bridge - 19980400 (Hennepin Cty) Ped Bridge - 20052100 Van (public safety) Storage Building (Park & Rec) Trail Reconstruction (Park & Rec) Northside Rotary Park (Park & Rec) Technology Replacement (2006) Technology Replacement (2007) City Hall TSS & Fire Departments Remodel City Hall Exterior improvements City Hall & Police Department Landscape MSC Floor drains City hall reroof 2006 2006 2006 2006 2006 2006/2007 45,975 20,000 50,000 80,000 78,048 105,000 235,000 5,000 15,000 2,500 11,500 5,000 5,000 100,000 758,023 1,973,494 2006 2006/2007 2006 2006/2007 2006 2006/2007 2006/2007 2006 2006 2006 2006 2006/2007 2006 2006/2007 250,000 583,859 250,000 238,000 41,000 96,000 680,000 610,000 20,000 200,000 50,000 50,000 225,000 2006 2006/2007 2007 2006/2007 2006/2007 2006/2007 2006 2007 2006 2007 2007 2007 2006/2007 Section 3 Subtotal Grand Total 3,293,859 5,267,353 Park Improvement Fund General Fund General Fund Municipal State Aid Municipal State Aid General Fund Municipal Building Fund Park and Rec Fund Municipal Building Fund Municipal Building Fund General Fund Contingency General Fund Municipal Building Fund General Fund Public Safety General Fund General Fund General Fund General Fund Unknown Municipal State Aid 2007 MSA Reimbursement Equipment Replacement Park Improvement Fund Park Improvement Fund Park Improvement Fund Split between all city funds Split between all city funds Municipal Building Fund Municipal Building Fund Municipal Building Fund Municipal Building Fund Municipal Building Fund