01-9017r
49
RESOLUTION NO. 9017
RESOLUTION AUTHORIZING THE SUBMISSION OF A TRANSPORTATION
REVOLVING LOAN APPLICATION FOR REPLACING THE PENN AVENUE BRIDGE
OVER 1-494
WHEREAS, the City of Richfield desires to have the Penn Avenue bridge over 1-494
rebuilt due to serious traffic congestion and an inadequate design of the existing bridge;
and
WHEREAS, the City of Richfield will be submitting an application for funds under
the Minnesota Transportation Revolving Loan fund to assist in financing the replacement
of the Penn Avenue Bridge; and
WHEREAS, the funds from the Minnesota Transportation Revolving Loan Program
will accelerate the replacement of the deficient existing bridge by approximately ten years.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Richfield is hereby applying to the Minnesota Public Facilities Authority for a loan to be
used for the reimbursement of capital costs for the described project: the replacement of
the Penn Avenue Bridge over 1-494.
BE IT FURTHER RESOLVED that the City of Richfield estimates that it will require
a loan in the maximum principal amount of $7.5 million, or the as bid cost of the project for
the above stated purposes.
BE IT FURTHER RESOLVED that the City of Richfield has the legal authority to
apply for the loan and the capacity to ensure proper construction and repayment.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
March, 2001.
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Martin J. Kirs r
ATTEST:
I CERTIFY THAT the above resolution was adopted by the City Council of the City of
Richfield on March 12,2001.
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Nancy Gibb~ty Clerk