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six below the engineer's estimate. North Valley was the low bidder at approximately $1.07 million, <br />with total project costs estimated at $1.3 million, including construction services by Bolton and <br />Menk. Approximately 56 percent of the project qualifies for TIF funding, and an inter -fund loan <br />resolution is included to allow use of additional TIF funds as they become available. Remaining <br />funding will come from municipal state aid, water funds, and stormwater utility funds. Separate <br />special assessment agreements with property owners are included as a consent item. <br />Assistant City Engineer Feriancek explained that substantial completion is scheduled for July 31 <br />to minimize impact on nearby businesses and coordinate with the anticipated opening of a new <br />Kwik Trip development. Completion is scheduled for August 31. Staff recommends adopting the <br />resolutions to award the contract to North Valley and approve the interfund loan. <br />Motion by Councilmember Riley, seconded by Councilmember Stewart, to adopt Resolution #26- <br />050 accepting bids and awarding a contract to North Valley, Inc. for the total amount of <br />$1,066,382.87 for MSA Bunker Lake Boulevard Reconstruction, Improvement Project #26-01. <br />Adopt Resolution #26-051 approving the terms of up to $2,000,000 interfund loan in connection <br />with infrastructure improvements -Bunker Lake Boulevard Reconstruction in connection with Tax <br />Increment Finance District No. 18. <br />Motion carried. Voting Yes: Mayor Heineman, Councilmembers Buscher, Peters, Riley, and <br />Stewart. Voting No: None. Absent: Councilmembers Olson and Specht. <br />8. MAYOR, COUNCIL, AND STAFF INPUT <br />City Administrator Hagen announced upcoming meetings and events. <br />9. ADJOURNMENT <br />Motion by Councilmember Riley, seconded by Councilmember Peters, to adjourn the meeting. <br />Motion carried. Voting Yes: Mayor Heineman, Councilmembers Buscher, Peters, Riley, and <br />Stewart. Voting No: None. Absent: Councilmembers Olson and Specht. <br />The regular meeting of the City Council adjourned at 7:39 p.m. <br />Respectfully submitted, <br />Brian S. Hagen <br />City Administrator <br />ATTEST: <br />City Council /February 25, 2026 <br />Page 8 of 9 <br />