Title
Authorizing the appropriate City officials, on behalf of the Department of Public Works, to enter into an Agency Agreement with the Minnesota Department of Transportation to act as its agent on a fund exchange between the City of St. Paul and the City of North Branch.
Body
WHEREAS, the City of St. Paul Department of Public Works wishes to enter into Agency Agreement No. 1027233 with the Minnesota Department of Transportation (Mn/DOT) covering the terms and conditions of a fund exchange between the City of St. Paul and the City of North Branch, and
WHEREAS, the fund exchange involves the City of St. Paul accepting federal aid funds in the amount of $1,403,796.58 from the City of North Branch in exchange for the City of St. Paul giving North Branch State Aid funds in the amount of $1,123,037.26, and
WHEREAS, the fund exchange was negotiated between the two cities on a discount rate of 20% in the conversion of federal aid funds to state aid funds, so
WHEREAS, Mn/DOT will be the agent for the City of Saint Paul in accepting federal aid funds that will be used on the reconstruction of the Summit Avenue Bridge over Ayd Mill Road project scheduled in 2019, and
WHEREAS, Mn/DOT will also act as the agent to transfer $561,518.63 in State Aid funds from the City of St. Paul to the City of North Branch annually in years 2018 and 2019, and
THEREFORE BE IT RESOLVED, that pursuant to Minnesota Statute Section 161.36, the Commissioner of Transportation be appointed as Agent to the City of St. Paul to accept as its agent, federal aid funds which will be made available for the reconstruction of the Summit Avenue Bridge project in 2019, and
BE T FURTHER RESOLVED, that the Mayor be hereby authorized and directed for and on behalf of the City to execute and enter into an agreement with the Commissioner of Transportation prescribing the terms and conditions of said federal aid participation as set forth and contained in Agency Agreement No. 1027233, a copy of which said agreement was before City Council and which is made a part hereof by reference.