HomeMy WebLinkAboutResolution No. 060-24 - Resolution - 2024-2029 CIP Budget Amendment to Accommodate Pool and Bath House Replacement at Silver Lake Park
RESOLUTION
Authorizing a Budget Amendment for the North Broadway Park and Ride
Expansion and Additional Funding to Replace the Silver Lake Pool and Bath
House.
WHEREAS, the City Council approved the Silver Lake Park Master Plan and expressed
a desire to replace the bathhouse; and
NOW, THEREFORE, BE IT RESOLVED, the following 2024-2029 Capital Improvement
Plan amendment and authorization for an interfund loan allows City teammates to
continue to advance this priority:
North Broadway Park and Ride Amount
Federal Grant $ 7,400,000.00
State Grants $ 2,6000,000
2013 Sales Tax $ 2,000,000.00
TOTAL SOURCES OF FUNDING $ 12,000,000.00
Uses of Funds Amount
Project Costs $ 12,000,000.00
TOTAL USES OF FUNDS $ 12,000,000.00
Silver Lake Park Sources of Funds /
Amount
Budget Amendment
Abatement Bonding Debt Funded Through
$4,000,0000.00
Annual Park Levy Funding
2013 Sales Tax $1,800,000.00
Interfund Loan Repaid by .5% Levy Increase $3,200,000.00
TOTAL $9,000,000.00
and,
BE IT FURTHER RESOLVED, that an interfund loan is authorized in the amount of
$3.2 million dollars subject to the following:
a) the Finance Director is directed to identify a fund for interfund loan;
b) The loan will be funded with a .5% increase in the levy;
c) The loan will carry an annualized interest of 4 percent;
BE IT FINALLY RESOLVED by the Common Council of the City of Rochester, Minnesota,
that the above listed financing plans are approved and the corresponding amendments
to the 2024-25 Adopted City Budget are authorized.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)