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5 Minutes CASE ~10: <br /> <br /> RAILROAD REALIGNMENT <br />By: Dave Hartley, City Administrator <br /> <br />Background: <br /> <br />At the City Council's last regular meeting, Staff was requested to apply the <br />proposed alignment to the City of Ramsey's zoning map. The City Council will <br />notice that that map is in place in the City Council Chambers with the new <br />railroad alignment indicated in red. Additionally, an effort has been made to <br />determine possible funding sources for the proposed realignment of the <br />railroad. In talking with Mr. Robert G. Swanson, Railroad Administration <br />Sectlon~ Minnesota Department of Transportations it was learned that Federal <br />funds are available for safety type problems involving railroads. The State of <br />Minnesota is allowed $4 million whereby 90% of a project cost may be funded via <br />these resources. There is no expiration date when the City of Ramsey may apply <br />for monies available. However, applications will take from 1-1/2 to 2 years to <br />process. <br /> <br />In addition to outside funding, Staff has analyzed the possible impact of <br />borrowing $4 million from the sale of general obligation bonds. If spread over <br />a 20 year period at today's interest rates, a $4 million bond issue would cost <br />an average of 6.8 mills to the residents of the City of Ramsey (this assumes a <br />2% valuation growth over the 20 year period). <br /> <br />Recommendation: <br /> <br />Council action.will be discussion regarding the proposal and direction to <br />Staff. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />