Agenda - Council - 03/09/2010 - Laserfiche WebLink

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Financing: The total cost of the program is estimated to be $672,911. The City's Municipal State Aid fund shall finance $568,304, or 84% of this total amount which includes; new curb and gutter, sidewalk, storm sewer, 50% of the new pavement, and miscellaneous improvements including street lights and boulevard trees. The remaining $104,606 shall be funded through special assessments which are intended to cover 50% of the cost of the new pavement up to a width of 32 feet which is the maximum width of a typical residential street. The basis of the assessment will be the frontage along Dysprosium Street. In cases where a property fronts on two City streets (ie. corner and double frontage lots) that lot will be assessed for half of the actual frontage. There are a number of lots which have access to Dysprosium Street via common drive through a lot fronting on the street (quad lots). In such cases it is proposed that the frontage along Dysprosium be divided equally between the fronting and rear lot. Action: This evening's public hearing will gather input and comment on the project details. Following the public hearing, the Council should direct any revisions to the feasibility study it deems necessary as a result of the comments made. The feasibility study will serve as the basis for determining the work to be performed and the method in which costs will be financed. Assuming no petitions are received from a majority of the benefited properties opposing the improvement, the Council will be asked to order the project at its May 11, 2010 meeting. It is anticipated that contracts could be awarded in August and work could be performed during August through September. Final costs are anticipated to be presented at the assessment hearing on September 27, 2010. CC: 03/09/10 Reviewed by: City Administrator Director of Public orks/Principal City Engineer Public Works Street Supervisor Fire Chief Police Chief Finance Officer