Agenda - Public Works Committee - 09/16/2008

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~~~YIwX~~~~Q ~~~~~ "1"l~e esti.i~ated cast otthis praject including praject overhead is estimated to be ;~19"7,~9~ Detailw at thy: praject eanstruction cost 4ire presented in ~~ppendi~t B. The praject overhead, which adds an additional 3~ °~s, of tl~e construction cast include the following; • Engineering design ~°/a * 1'rajc;ct administration Sp/o • Banding and legal ?n/o • lnspectian and testing S% • Contingencies. 1Q% The abave praject casts da not include the cost of driveway paving: Because driveways are- private property and not a portion of the public street each driveway .shall be measured by area and material and will be billed individually to each property. 'The estimated cast tar driveway paving is estimated to be $3.QQ per square foot. . ~'~N~I~+C~I~f~ The fatal project costs consist otthe co~structican casts, property and cascrricxlt accl~tisitian costs, and the overhead casts listed above. 'T liG project ccista have alsa been divicl.ed between those casts assoc:iatc~l with the street ii~piovements and those related to the improved starrra water system. ~~ll costs assaciatecl with the storm water inapravernenks, including drainage atad utility easements shall be financed through the City's Storm Water Utility;. Thy cosh associated with the street iix~provements shall be financed one halt- (St)°i~) thoug:h special assessments to the ben~:fited properties adjacent to the improved streets consistent: with Minnesota State Statutes 429 and City of Ramsey Code C1lapter 4. The remaining SO% of the street improvements. will be :Financed with Gity of Ramsey general funds revenues. .Based upon the abave distribution the fatal project cast will be funded as (allows; $49,723-:tram the City, gener~iTfund; X98,544 Pram the storm water utility; and $49,723 troth assessments. The assessed portion otthe praject cast shall be assessed among the benefited 11 properties listed in ~,ppendi:c C. The tlu~;e properties having double Frontage with Waco Street whieh were assessed tar its irra.p.rov~;ment in 1993 shall. be one half of tl~e a~x~ount assessed to each of the remaining benet'itted properties. Tl1e carver lots an 179t1~ bane would be charged a lull slaa;re cif the street irnprovenaertt casts. This would result in an assessment of X5,234 per assessed share. "Clue project will have a final tabul~ttian made on actual praject assts consistent ~vitl~ the rrietlaodcalagy d~:saribed in this report. ~. public l~ear'ing will be held identifying the actual casts to be recovered by special assessment. Property owner would have the option at paying the :full cost oL~'tl~e assessment without interest at t17e canc;lusian of the praject or could elect to have this assessment collected annually with their ta:~ payment over a ten year period. Property owners electing to have the project cost specially assessed shall 44 _~.~