Agenda - Council - 07/11/2023 - Laserfiche WebLink

Home

contract for construction on August 8th. Final completion of mass grading operations is proposed to be complete by November 10, 2023. Estimated costs for The COR Mass Grading, which includes excavation of The Waterfront stormwater pond, stripping topsoil from properties proposed to receive fill from The Waterfront, documenting and compacting underlying soils, distributing excavated fill material from The Waterfront to specified elevations, spreading salvaged topsoil on the newly placed and compacted fill, and establishing turf, totals $ $7,509,215. The cost breakout is as follows; • $5,741,620 for Grading • $1,499,530 for Storm sewer • $112, 3 05 for Sanitary Sewer • $155,730 for Watermain Zeolite Street will remain closed to traffic during mass grading operations. Design and plan preparation for the three segments of Zeolite Street, Center Street, and Ramsey Parkway is underway and will be completed this fall. Street profiles were designed to set ground elevations along these streets to allow for mass grading operations. The remainder of the design and plan preparation work will continue to occur this Summer and Fall. Construction of these streets may then be completed in 2024 or later. Notification: Following Council approval, bid advertisements will be published in the Anoka Union Herald on Friday, July 14th, and Friday, July 21 st, 2023. Observations/Alternatives: Observations: Staff verified that contractors are available to bid on and complete The COR mass grading project in 2023. Funding Source: The attached proposal from Bolton and Menk identifies the following not -to -exceed estimated costs. As noted on page 5 of the attached proposal, costs will be less if individual projects are combined and constructed as larger projects and not individually. • Design services costs for all identified improvements = $548,181 • Construction costs for identified 2023 improvements (not including streets and associated storm sewer, sidewalks, trails, sanitary sewer and watermain) = $5,874,000 Construction -related services such as staking, administration, and observation are not included in the above design services cost estimate. When construction of the identified improvements occurs, a separate construction services proposal will be submitted by BMI. Proposed COR infrastructure project funding sources include; . TIF 14 Bonds (street, sidewalk and trail costs) . Stormwater Funds (stormwater management costs) . Sanitary Sewer Funds (sanitary sewer costs) . Watermain Funds (watermain costs) Finance Director Lund and the City's financial consultant, Ehlers, recommend using tax increment bonds for the approximate $7,000,000 in COR improvements, which includes the HY-10 Ramsey Improvements (excluding municipal utilities) and the COR Infrastructure Improvements. Attached is a 15-year tax increment bond run provided by Ehlers. According to Ehlers, the City will have the annual $640,000 needed to make the necessary debt service payments due to increment generated by various developments within The COR. The 15-year bond