§ 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 on City owned property located near 76th and Logan Avenue.

1.03.

The capital improvement project consists of reconditioning and painting the Logan Avenue Water Tower (the "Project"). The water tower was last painted in 1995. It was last inspected in 2010 and was found to be in need of repainting.

1.04.

The estimated construction cost of the capital improvement, excluding design and engineering costs, is $800,000.00. The estimated design and engineering costs are $69,600.00.

1.05.

A public hearing was held on April 12, 2011, 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 Project be approved.