Agenda - Council - 03/10/2009 - Laserfiche WebLink

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drainage and utility easements along the road for snow storage. The remaining 50% of the street improvements will be financed with City of Ramsey general funds revenues, Based upon the above distribution the total project cost will be funded as follows; The number of shares assessed and dollar value of the assessment are listed for each of the 11 benefited properties in Appendix C. Since the three properties having double frontage with Waco Street were assessed a full share when Waco Street was graded and paved in 1993, they will be assessed one half share. The corner lot on 179th Lane having driveway access onto Ute Street would be charged a full share and the corner lot on 179th Lane having driveway access onto 179 Lane, Street would be charged a half share, This is consistent with past City policy for assessing corner lots. The project will have a final tabulation made on actual project casts consistent with the methodology described in this report, A public; hearing will be held identifying the actual coasts to be recovered by special assessment. Property owner would have the option of paying the full coast of the assessment without interest at the conclusion of the project or could elect to have this assessment collected annually with their tax payment, 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 ten 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 '%, full share annual payments would range from $920 to $585for the basic project and from $1108 to $704 for the alternate project over the ten year period. PROJECT SCHEDULE This project is anticipated to proceed under the regulations of Chapter 4 of City Code cold State Statutes 429 wluch regulate special assessment public improvement projects, A schedule for the progress of this project is anticipated as follows; ■ March 10, 2009 City Council ratifies PW Committee recommendation.; accepts feasibility study and orders the advertisement for a public hearing * April 14, 2009 Hold public hearing ■ May 26, 2009 City Council orders project and directs preparation of plans and specifications. ■ June 23, 2009 Council receives plans and specifications and orders advertisement for bids —5— —277— Basic Project Alternate Project City General Fund $ 49,323 $ 59,391 Property Assessments $ 49,323 $ 59,391 Storm Water Utility $ 90,064 $ 90,064 TOTAL $ 188,710 $ 208,846 Per share assessment $ 5,480 $ 6,599 The number of shares assessed and dollar value of the assessment are listed for each of the 11 benefited properties in Appendix C. Since the three properties having double frontage with Waco Street were assessed a full share when Waco Street was graded and paved in 1993, they will be assessed one half share. The corner lot on 179th Lane having driveway access onto Ute Street would be charged a full share and the corner lot on 179th Lane having driveway access onto 179 Lane, Street would be charged a half share, This is consistent with past City policy for assessing corner lots. The project will have a final tabulation made on actual project casts consistent with the methodology described in this report, A public; hearing will be held identifying the actual coasts to be recovered by special assessment. Property owner would have the option of paying the full coast of the assessment without interest at the conclusion of the project or could elect to have this assessment collected annually with their tax payment, 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 ten 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 '%, full share annual payments would range from $920 to $585for the basic project and from $1108 to $704 for the alternate project over the ten year period. PROJECT SCHEDULE This project is anticipated to proceed under the regulations of Chapter 4 of City Code cold State Statutes 429 wluch regulate special assessment public improvement projects, A schedule for the progress of this project is anticipated as follows; ■ March 10, 2009 City Council ratifies PW Committee recommendation.; accepts feasibility study and orders the advertisement for a public hearing * April 14, 2009 Hold public hearing ■ May 26, 2009 City Council orders project and directs preparation of plans and specifications. ■ June 23, 2009 Council receives plans and specifications and orders advertisement for bids —5— —277—