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Memo- Excelsior Blvd Reconstruction . . . Public Works Department I Memorandum To: Honorable Mayor and Members of the Ci~';il Steven J. Stadler, Public Works Director From: Copy: Steven C. Mielke, City Manager Date: March 3, 2000 Subject: Excelsior Blvd Reconstruction, Phase II Project Funding Status This memo is a follow-up to my February 15, 2000 memo - attached. Backaround In the Feb 15 memo I reported that the current CIP budget is $2,169,279 and that the expected project costs are $2,600,000. Since then I have met with the Finance Director to discuss our ability to fund a $2.6 million project and with Hennepin County personnel regarding their CIP schedule, the expected County contribution toward the purchase of the East End Bottleshop Liquor store property and the Roadside Enhancement Partnership Program (REPP) funding. County Fundina I expect the County to contribute $75,000 toward the purchase of the East End Bottle Shop property. This is based on an estimated worst case partial taking cost of $150,000. The city cost for a total taking would then be $350,000 ($425,000- $75,000). Jim Grube, Hennepin County stated that real estate acquisition could not be funded through the REPP but that the program could pay 33-50% of the costs of landscaping, fencing, trail construction. Jim Grube stated that the County would like to move the Shady Oak Road reconstruction project back one year to 2002 & 2003, i.e., real estate acquisiton in 2002 and construction in 2003. I stated that I would not be opposed to this as long as we could agree this year on the basic road design elements such as number of lanes and required ROW width. . City abilitv to fund $2.6 million proiect The project is very feasible with the sale of $1 ,500,000 in State Aid bonds in 2002. These would be 10-year bonds with principal and interest payments of $225,000/year. Additionally, there is a healthy PIR fund capital balance projected through 2005. A transfer from these funds could be used to help offset an unforeseen short term MSA funding shortfall. The attached Municipal State Aid fund report reflects this bond sale and the current city CIP project schedule & funding with the following exceptions: o 5th Avenue South upgrade from Excelsior Boulevard to 3rd Street South is moved from year 2000 to 2001 · Increased the cost of the MainstreeU1 ih Avenue signal upgrade from $75,000 to $90,000 · Added city funding in the amount of $200,000 in year 2002 for the CSAH 73/Hwy 7 area improvements · Moved the Shady Oak Road reconstruction project from 2001/2002 to 2002/2003 . Reduced year 2000 expected MSA project expenditures from $2,222,279 to $1,730,000 because Hennepin County will bill the city for only real estate costs in . year 2000, construction costs will be billed in 2001 City Council action Staff will schedule time at an upcoming Council Worksession to discuss the project status and funding. 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