Agenda - Council - 11/10/2008 - Laserfiche WebLink

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costs associated with the street it°nprovements and those related to the unproved storm water system, All costs associated with the storm, water itnproverten% including drainage and utility casements shall be rinanced through the City's Storm Water Utility, The costs associated with the street improvements shall be financed one half (50 %) though special assessments to the benefited properties adjacent to the improved streets consistent with Minnesota State Statutes 429 and City of Ramsey Code Chapter 4. The remaining 50% of the street improvements will be rInanccd with City of Ramsey general funds revenues, Based upon the above distribution the total project cost will be funded as follows; $150,957 from the City general fund; $37,724 from the storm water utility; and $150,957 from assessments. The assessed portion of the project cost shall be assessed among the benefited properties listed in Appendix C. The benefited properties are approximately equal in area and frontage and the assessment is proposed to be on a per lot basis including, the lot which-is vacant. The corner property not having access or frontage on Chameleon Street is proposed to be assessed one half share. The park property shall be assessed one share. The total assessable project cost shall be divided among all the assessable shares. A final tabulation of actual. project costs shall be trade consistent wi the methodology described in this report. A public. hearing will be held identifying the actual costs to be . recovered by special assessment, Property owner would have the option of paying the full cost of the assessment without interest at the conclusion of tine project, or could elect to have this assessment collected annually with their tax payments over a ten, year period, Property owners electing to have the project cost specially assessed shall have their cost reported to Anoka County and collected over a period of up to tent years with interest at a rate of two percent (2 %) above the U.S. Treasury rate at the time of the special assessment hearing, At an estimated interest rate of 6,8°,0, annual payments would range from $ 1,237 to $ 786 over this ten year period. PROJECT SCHEDULE This project is anticipated to proceed under the regulations of Chapter 4 of City Code and State Statutes 429 which regulate special assessment public improvement projects. A schedule for the progress of this project is anticipated as follows, • October,'2008 Present feasibility study to City Council and Order public hearing • November, 2008 Mold public hearing January, 2009 Authorize project by City Council (60 days Afer public hearing) April, 2009 Receive plans and specifications and authorise bids • May, 2009 Receive bids and award construction contract • June 2009 Construct project • September 28, 2009 Hold assessment hearing and levy assessments • May 2010 First assessment payment due Revised 9/25/08 Page —129—