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

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February 9, 2010 Present feasibility study to City Council and Order public hearing March 2, 2010 Hold Informational Open House March 9, 2010 Hold public hearing May 11, 2010 Authorize project by City Council (60 days after the public hearing) July 13, 2010 Receive plans and specifications and authorize bids August 10, 2010 Receive bids and award construction contract. Aug — Sept 2010 Construct project September 28, 2010 Hold assessment hearing and levy assessments May 2011 First assessment payment due FINANCING 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. 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 frontage on each street at the time it receives an improvement. 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. The assessed portion of the project cost is distributed among the properties listed in the preliminary assessment role contained in Appendix B. The project will have a final tabulation made on actual project costs consistent with the methodology described in this report. Subsequent to the improvements being installed a public hearing will be held identifying the actual costs to be recovered by special assessment. Property owners will have the option of paying the full cost of the assessment without interest at the conclusion of the project or could elect to have this assessment collected annually. with their tax payment 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 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 which is estimated to be 6.8 %. 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: . Page 4