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Funding Source: <br />Attached to this case is the funding package that was previously approved by the City Council on March 13, 2012, <br />which has been narrowed to scenario #2 because we were unsuccessful in securing the Metropolitan Council TOD <br />grant. Based upon the revised construction estimates, updated acquisition costs, and projected overhead costs <br />(permits, engineering, material testing, etc.), following is the revised funding information that was presented to the <br />City Council on June 12, 2012: <br />Land Acquisition <br />Armstrong Blvd <br />Sunwood Drive <br />COR Grading & Northstar Market Place Access Revisions <br />Streetlighting <br />Engineering/Construction Administration/Testing <br />TOTAL <br />!Anoka County <br />LRIP Grant <br />Equipment Revolving Fund <br />TIF #2 <br />Stormwater Utility Fund <br />Water Utility Fund <br />Sanitary Sewer Utility Fund <br />EDA (Nordvik acquisition) <br />Excess Rail Funding <br />Streetlight Utility <br />COR land sale proceeds * <br />TOTAL <br />$2,700,000 <br />$1,650,000 <br />$1,075,000 <br />$210,000 <br />$112,000 <br />$470,000 <br />$6,217,000 <br />$1,700,000 <br />$500,000 <br />$1,056,450 <br />$500,000 <br />$267,411 <br />$243,629 <br />$22,043 <br />$600,000 <br />$500,000 <br />$112,000 <br />$500,000 <br />$6,001,533 <br />As can be seen above there is approximately $215,500 that is unaccounted for with this project. This overage is <br />primarily the costs associated with construction administration and material testing, which was previously planned <br />to be completed with City staff, but due to recent staffing changes we are currently unable to perform all of this <br />work. It is also proposed that the Streetlight Utility Fund finance the streetlighting component of this project. The <br />COR land sale proceeds referenced above will need to be discussed by the Housing and Redevelopment Authority <br />(HRA) to determine whether they are interested in deviating from the existing land sale distribution policy, and <br />apply the entire amount of a pending land sale to this improvement project. A final funding package will be <br />provided to the City Council now that the bids are opened and construction administration proposals are reviewed. <br />Council Action: <br />Motion to approve Resolution 12-06-XXX, awarding a contract for City Improvement Project 12-20; Sunwood <br />Drive Realignment, to North Pine Aggregate, Inc., in the amount of $2,342,825.82. <br />Attachments <br />Project Layout <br />Previously Approved Funding Package <br />