The city's Capital Improvement Plan (CIP) contains the Unbridled Avenue Project CIF-20-014 as outlined in the attached CIP project summary sheet. On February 18, 2020, the City Council adopted Resolution R2020-014 approving the plans and specifications, and authorizing bidding of the project.

In accordance with Minnesota Statute Section 471.347 Uniform Municipal Contracting Law, bids were solicited and opened on April 3, 2020. Four bids were received. Geislinger & Sons, Inc., from Watkins, Minnesota, is the low bidder in the amount of $6,212,461.82 (see the attached resolution for the bid tabulation summary). The bid amount is 14.4 percent under the current engineer's estimate of $7,261,430.55. 

Geislinger & Sons Inc., has the capacity and experience for the project and is deemed a responsible bidder. They are prepared to begin work in May with substantial completion of the project by November 2020. The final bituminous wear course will be placed in summer 2021. 

Based on the bid award amount, the updated total estimated project cost and funding summary is as follows:

The project is budgeted in the 2020 Capital Improvement Plan as part of the Canterbury Commons Development Tax Increment Funding (TIF). The recommended total project budget of $7,886,464.82 exceeds the original CIP budget by 9.5 percent, noting that the original CIP construction cost estimate was $5,550,000 with the most recent updated construction cost estimate of $7,261,430.55. Also note that the indicated contingency amount would cover any potential change orders, quantity adjustments and other miscellaneous expenses encountered as part of the project. The TIF budget is expected to be updated with this new project budget.

Included in the resolution is new language that would allow the city to reimburse project costs from future bond proceeds. This language allow for greater flexibility in funding current and future projects, should the city desire or need this in the future. The additional language allows the city a period of  up to three years to issue and reimburse itself with bond proceeds. The language does not change the requirements or administrative process for issuing debt. All debt issuance will still require separate approval by the City Council.