In June of 2020, the City Council passed and authorized an increase in budgeted expenditures related to the City of Chanhassen's share (25%) of the Highway 5 Regional Trail and Underpass from $1,200,000 to $1,681,549. Increased construction expenditures exceeded the $1,200,000 that was approved on July 2, 2019 with the original Joint Powers Agreement with the City and Carver County. At the June, 2020 City Council meeting the city and county agreed upon a 5-year payment schedule for the remaining balance of the construction project expenses. The city's share of the completed 2020 construction costs totaled $497,746.28 which was paid to Carver County.
Breakdown of Payment Schedule
2020: Four Hundred Ninety-Seven Thousand, Seven Hundred Forty-Six Dollars and Twenty-Eight Cents ($497,746.28)
2021: Seven Hundred Two Thousand, Two Hundred Fifty-Three Dollars and Seventy-Two Cents ($702,253.72) payable commensurate with invoices for work completed in 2020 and 2021 but invoiced in 2021, and Ninety-Six Thousand, Three-Hundred and Nine Dollars and Seventy-Seven Cents for work completed and invoiced in 2021. ($96,309.77)
2022: Ninety-Six Thousand, Three-Hundred and Nine Dollars and Seventy-Seven Cents ($96,309.77)
2023: Ninety-Six Thousand, Three-Hundred and Nine Dollars and Seventy-Seven Cents ($96,309.77)
2024: Ninety-Six Thousand, Three-Hundred and Nine Dollars and Seventy-Seven Cents ($96,309.77)
2025: Ninety-Six Thousand, Three-Hundred and Nine Dollars and Seventy-Seven Cents ($96,309.77)
Payment Total: One Million, Six-hundred Eighty-One Thousand, Five Hundred and Forty-Eight Dollars and Eighty-Six Cents ($1,681,548.86).
The First Amendment of the Joint Powers Agreement with Carver County illustrates the schedule and terms for the 5-year interest free loan for the City of Chanhassen's share to complete the project.