§ 1. Background; findings.

1.01.

Section 8.04 of the Richfield City Charter requires that any capital improvement on City-owned property that has an estimated cost exceeding $500,000.00 or expenditures for design or engineering costs exceeding $75,000.00 must be approved by Ordinance after a public hearing.

1.02.

It is proposed that the City Council approve a capital improvement project for the improvement of property at 7201 Nicollet Avenue, Richfield MN.

1.03.

The capital improvement project consists of the construction and construction management of a storm sewer lift station at Augsburg Park (the "Augsburg Park Lift Station Project").

1.04.

The estimated construction cost of the capital improvement, excluding design and engineering costs, is $457,041.63. The estimated design and engineering costs are less than $75,000.00.

1.05.

A public hearing was held on March 25, 2008, after due notice as required by Section 8.05 of the Richfield City Charter.

1.06.

The Council finds and determines that it is in the best interests of the City and its inhabitants that the Augsburg Park Lift Station Project be approved.