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1d. Approve Transfer of Reserve Fund to the Revolving Assessment Construction Fund MEMORANDUM TO: Mayor & City Council Members CITY OF FROM: Greg Sticha, Finance Director [i CHANHASSEN DATE: October 22, 2012 ©lc.< ` 7700 Market Boulevard SUBJ: Approve Transfer of Reserve Funds to the Revolving Assessment PO Box 147 Chanhassen, MN 55317 Construction Fund Administration PROPOSED MOTION: Phone: 952.2271100 Fax: 952.2271110 The City Council approves the Resolution Authorizing the Transfer of $2 million of Reserve Funds to the Revolving Assessment Construction Fund. Building Inspections The funds will be transferred as follows, $1.3 million for the cable television Phone: 952.2271180 fund and $700,000 from the capital equipment replacement fund. Fax: 952.2271190 Engineering Approval requires a simple majority vote of the City Council. Phone: 952.2271160 Fax: 952.2271170 As discussed at previous meetings in July - October, staff is recommending that Finance a total of $2 million be transferred into the Revolving Assessment Construction Phone: 952.2271140 Fund. This money would be used for an additional $1.8 million in road Fax: 952.2271110 improvements in 2013 and 2015, and to complete a trail connection from the Rice Marsh Lake area to the Eden Prairie trail system. The funds would come Park & Recreation from the cable television fund ($1.3 million) and capital replacement fund Phone: 952.2271120 Fax: 952.2271110 ($700,000). Recreation Center The additional $2million in funds will help fund $1.8 million in street 2310 Coulter Boulevard improvements as noted below and $200,000 for the Rice Marsh Lake trail Phone: 952.2271400 connection. Fax: 952.2271404 2013 2015 Planning & Melody Hill Area: Mill and overlay Chaska Saddlebrook Area: Mill and overlay of Natural Resources Phone: 952.2271130 Road, Melody Hill Road, Murray Hill Road, Saddlebrook Pass, Cactus Curve, Saddlebrook Fax: 952.2271110 West 65 Street, Crestview Drive (Galpin to Trail, Trotters Circle and Butte Court Chestnut) and White Tail Ridge Court Horseshoe Curve /Indian Hill Road: Mill and Ches Mar Road: Mill and overlay Public Works overlay of Horseshoe Curve, Merry Place and 7901 Park Place Indian Hill Road Phone: 952.2271300 Colonial Grove Area: Mill and overlay of Lone Cedar Area: Mill and overlay of Lone Fax: 952.2271310 Sandy Hook Road, Sandy Hook Circle, Dakota Cedar Lane, West 77 Street, and Forest Ridge Avenue, Dakota Circle and Cheyenne Trail Circle Senior Center Carver Beach Area: Mill and overlay of Phone: 952.2271125 Carver Beach Road, Hiawatha Drive, Western Fax: 952.2271110 Drive, Nez Perce Drive (north of Carver Beach Road), Hopi Road, Deerwood Drive, Quiver Web Site Drive, Pawnee Drive, Mohawk Drive, Violet www.ci.chanhassen.mn.us Avenue, Napa Drive, Lotus Trail, Navajo Drive, Broken Arrow Drive and Fox Hill Drive £ \gregs \council \2012 \street transfer 10- 22.docx Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow Mayor & City Council October 22, 2012 Page 2 RECOMMENDATION Staff recommends that the City Council adopt the attached resolution approving the transfers as noted on the previous page. ATTACHMENTS 1. Resolution 2. Revolving Assessment Fund Revolving Assessment Fund 2005 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ProjectCost(StreetOnly) 1,700,000 1,695,000 1,400,000 2,255,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 Assessments 40% (680,000) (678,000) (560,000) (902,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000) (600,000) City Share 1,020,000 1,017,000 840,000 1,353,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 Other project Costs (200,000) (75,000) Tsfs in 2,000,000 - Fund Bal - BOY Estimate for 2012 ** 1,133,539 385,450 1,399,230 1,150,684 232,370 (20,859) (42,319) (31,916) (52,824) (52,829) (74,041) 366,371 Levy 437,842 130,680 444,410 450,192 431,698 670,538 664,293 659,378 660,978 653,293 1,114,690 1,111,790 Repayment 627,842 737,346 823,528 879,726 815,680 809,235 847,040 821,253 840,556 827,652 815,052 821,472 Project Costs (1,825,000) (1,695,000) (1,475,000) (2,255,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) Investable Balance 374,223 1,358,476 1,117,169 225,602 (20,252) (41,087) (30,987) (51,286) (51,291) (71,885) 355,700 799,633 MVHC Street Levy & Tsf Interest 11,227 40,754 33,515 6,768 (608) (1,233) (930) (1,539) (1,539) (2,157) 10,671 23,989 Fund Bal - EOY 385,450 1,399,230 1,150,684 232,370 (20,859) (42,319) (31,916) (52,824) (52,829) (74,041) 366,371 823,622 Repayment Schedule 8 yr assmt @ 6% Project Year 2005 23,000 23,000 2006 34,000 34,000 34,000 2007 209,300 209,300 209,300 209,300 2008 103,063 103,063 103,063 103,063 103,063 2009 58,795 58,795 58,795 58,795 58,795 58,795 2010 122,387 122,387 122,387 122,387 122,387 122,387 122,387 2011 $77,297 77,297 77,297 77,297 77,297 77,297 77,297 77,297 2012 $109,504 109,504 109,504 109,504 109,504 109,504 109,504 109,504 2013 $109,182 109,200 109,200 109,200 109,200 109,200 109,200 109,200 2014 $90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 2015 $145,254 145,250 145,250 145,250 145,250 145,250 145,250 145,250 2016 $96,622 96,600 96,600 96,600 96,600 96,600 96,600 2017 $96,622 96,600 96,600 96,600 96,600 96,600 2018 $96,622 96,600 96,600 96,600 96,600 2019 $96,622 96,600 96,600 96,600 2020 $96,622 96,600 96,600 2021 $96,622 96,600 2022 $96,622 2023 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030 1,500,000 1,600,000 1,600,000 1,700,000 1,700,000 1,800,000 1,800,000 (600,000) (640,000) (640,000) (680,000) (680,000) (720,000) (720,000) 900,000 960,000 960,000 1,020,000 1,020,000 1,080,000 1,080,000 823,622 1,242,626 1,570,480 1,909,963 2,165,244 2,433,854 2,620,298 1,109,990 1,109,290 1,104,590 1,106,490 1,099,090 1,098, 590 1,098, 590 772,822 772,822 779,263 785,726 798,630 811,534 830,880 (1,500,000) (1,600,000) (1,600,000) (1,700,000) (1,700,000) (1,800,000) (1,800,000) 1,206,433 1,524,738 1,854,333 2,102,179 2,362,965 2,543,978 2,749,768 36,193 45,742 55,630 63,065 70,889 76,319 82,493 1,242,626 1,570,480 1,909,963 2,165,244 2,433,854 2,620,298 2,832,261 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 96,600 $96,622 96,600 96,600 96,600 96,600 96,600 96,600 $96,622 96,600 96,600 96,600 96,600 96,600 $103,063 103,063 103,063 103,063 103,063 $103,063 103,063 103,063 103,063 $109,504 109,504 109,504 $109,504 109,504 $115,946 CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA DATE: October 22 , 2012 RESOLUTION NO: 2012 - MOTION BY: SECONDED BY: RESOLUTION AUTHORIZING 2012 FUND TRANSFER WHEREAS, the city wishes to transfer funds from the cable television fund and capital equipment replacement fund to the revolving assessment construction fund. The transfers are to be made as of October 23, 2012. WHEREAS, the funds are to be used to fund $1.8 million in street improvement projects in various neighborhoods throughout the city and $200,000 for a trail connection near Rice Marsh Lake. NOW, THEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as follows: 1. Authorization; Findings. The City Council hereby authorizes the Finance Director to transfer the following amounts as shown. Transfer from: Transfer to: Amount 210 Cable TV Fund $1,300,000 601 $2,000,000 400 Capital Eqpt Rep Fund $700,000 Passed and adopted by the Chanhassen City Council this 22nd day of October, 2012. ATTEST: Todd Gerhardt, City Manager Thomas A. Furlong, Mayor YES NO ABSENT