Agenda - Council - 01/09/2024 - Laserfiche WebLink

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5. 15. CC Regular Session Meeting Date: 01/09/2024 Primary Strategic Plan Initiative: Strengthen and enhance our identity, brand and image. Information Title: Adopt Resolution #24-011 Approving EDA Funding for Replacement of Entrance Monument at TH #47 and Bunker Lake Boulevard NW Purpose/Background: The purpose of this case is to consider authorizing the Economic Development Authority funding for the replacement of the monument sign on Hwy 47 and Bunker Lake Blvd, consistent with the EDA's recommendation at the December 14, 2023 meeting, and the Public Works Committee Meeting from October 17, 2023. Around the late 1990's, the city placed an entrance monument at the NW intersection of Bunker Lake Boulevard and St. Francis Boulevard. Several years ago, an automobile crash destroyed this same sign. The entrance sign to the city was not replaced, due to the substantial road construction taking place at this intersection, which has now been completed. An RFP was issued to three area sign manufacturing companies but only one quote was received from Signation Sign Group for $23,643, which is consistent with the EDA's and Public Works Committee's recommendation to City Council to approve the project at a not -to -exceed amount of $26,000, (which would include shrub plantings/landscaping and utilizing $4,500 in Insurance Money). It should be noted that the EDA funded this sign when it was originally installed. Notification: None required Time Frame/Observations/Alternatives: The placement of the entrance monument would occur in February or March after fabrication, with the shrub plantings occurring as soon as the frost is out in the Spring of 2024. The City has received $4,500 from the insurance claim for the sign damage which is available for the replacement project and is recommended by Finance Director Lund. The EDA recommended the balance of the funding of $21,500 from trEDA Unencumbered Fund Balance which was approved at the December 14, 2023 EDA meeting. It should be noted that the sign cost is $23,643 which will leave approximately $2,357 for landscaping to enhance the sign and location based on the recommended approval of an amount not to exceed $26,000. Alternatives include: 1) Adoption of Resolution #24-011 Awarding bid to Signation Sign Group for $23,643 and allocating $21,500 from the EDA Unencumbered Fund Balance and Spending $4,500 from insurance money (Staff Recommendation) 2) Adoption of Resolution #24-011 Awarding bid to Signation Sign Group for $23,643 and allocating $(Insert Amount) from the EDA (Insert Funding Source) and Spending $4,500 from insurance money 3) Something Else Funding Source: Funding for the project consists of the following: $21,500 from the Unencumbered EDA Fund Balance and Insurance Money of $4,500 totaling $26,000 Recommendation: