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Based on Elk River's current estimated costs, which are included in the attached letter, as well as the proposed <br />50-percent cost share, the City of Ramsey's total share of costs is estimated to be $971,000. The probable funding <br />sources for this work would likely include a mix of State Aid funds and general funds designated for street <br />reconstruction projects. <br />If this project is constructed and the City of Ramsey agrees to participate in funding the project as proposed, the <br />City will then be responsible for paying back roughly $324,000 per year over a term of 3 years. This would <br />obviously impact the City's street reconstruction program as currently proposed and would require Staff to review <br />current and proposed budget allocations for future projects to determine which of the currently programmed <br />projects could still be funded during this 3 year term, which would likely include fiscal years 2016, 2017, and 2018. <br />Recommendation: <br />Due to the mutual benefits provided by this project and the ability to pay the costs back interest -free over a 3 year <br />term, Staff recommends serious consideration of Elk River's proposal. <br />Action: <br />Motion recommending approval or denial of the City of Elk River's proposal. <br />Elk River Proposal Ltr <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Diana Lund Diana Lund 09/10/2014 07:33 AM <br />Grant Riemer Grant Riemer 09/10/2014 08:04 AM <br />Kurt Ulrich Kurt Ulrich 09/10/2014 09:54 AM <br />Form Started By: Bruce Westby Started On: 09/05/2014 07:06 AM <br />Final Approval Date: 09/10/2014 <br />