Title
Resolution to Amend the Project Amount and Repayment Terms of the West Park Fairgrounds Drain Improvement Project ($2,433,904.00)
Memorandum
On September 20, 2010, via #R-10-341, City Council approved the filing of a petition to the Washtenaw County Water Resources Commissioner (WCWRC) for the structural stormwater improvements to the section of underground corrugated metal pipe stormwater pipe in the Allen Creek Drainage District known as the West Park Fairgrounds Drain.
Allen Creek is an established Chapter 20 County Drain; therefore, the construction work to repair the pipe and other stormwater control measures falls under the jurisdiction of the Washtenaw County Water Resources Commissioner. As an established drain, the costs of the project are assessed to the governmental entities with the drainage district area. The total cost of this project was originally estimated (in 2009) at $2,000,000.00 with the City's apportionment of 96.1% of the district; therefore, the City's share was projected to not exceed $1,922,000.00. Subsequently, construction bids were acquired and the project costs have now been increased to $2,532,678.28. The City's new estimated apportionment based on construction bids of this project total $2,433,904.00. We are seeking Council's approval to amend the repayment amount and term of the project.
Because the debt issue exceeds $1,000,000.00, the City share of the responsibility for payment of the debt exceeds 10% of the total debt issue, and the issue is being sold publicly, the Securities and Exchange Commission requires that the City adopt a continuing disclosure resolution. Although the debt is not issued by the City, the City must provide continuing disclosure to the Municipal Securities Rulemaking Board for this debt issue in a manner similar to the continuing disclosure required for debt issued by the City.
Budget/Fiscal Impact:
As originally proposed, the Water Resources Commissioner would assess the City...
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