Agenda - Council - 03/14/2023 - Laserfiche WebLink

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consultant, Ehlers, is to bond for the approximate $7M in improvements needed in The COR area, which consists of the HY-10 Ramsey Improvements and The COR infrastructure improvements. Issuing a Tax Increment bond requires increment to be available in the amount of 20% of the bond. The city does not currently have $7M in the TIF 14 district and the issuance of debt allows the city the flexibility to keep the current TIF 14 funds (approximately $2M for other improvements in the future). The issuance of debt is a cleaner process as it avoids the need for the set-up of internal loans from other funding sources, tracking these loans with not only pay back when increment becomes available, but also tracking interest. Bond numbers will be run once the true costs of the improvements are known. Attached is a construction services proposal from Bolton & Menk, Inc in a not -to -exceed amount of $34,881. Staff is not able to provide these services and since Bolton & Menk prepared the plans they are best suited to provide the required construction staking and administrative assistance services during construction. Staff has reviewed this proposal and feel the proposed fees are reasonable. Recommendation: Staff recommends alternative #1 based on discussion from the February 28th City Council Work Session. Outcome/Action: Motion to adopt Resolution #23-054 approving plans and specifications and authorizing advertisements for bids for Improvement Project #23-12, HY-10 Ramsey Improvements. Resolution 23-054 EDA case 05-13-21 EDA case 12-09-21 CC case 12-14-21 EDA case 02-09-23 BMI Addl Services Ltr 03-08-23 BMI Constr Services Proposal CIP Sheet HY-10 Ramsey IP23-12 Feas Report Attachments Form Review Inbox Reviewed By Date Brian Hagen Brian Hagen 03/09/2023 02:19 PM Form Started By: Bruce Westby Started On: 03/09/2023 07:22 AM Final Approval Date: 03/09/2023