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for the paving of driveways of nonexistent driveway aprons. These will not apply to <br />existing driveways which must be removed and replaced because of the new pavement <br />alignment or grade. Such drives will be replaced as apportion of the project cost. An <br />estimate of the driveway assessment for such properties is included in Appendix C. <br />FINANCING <br />The total project costs consist of the construction costs, easement acquisition costs, and <br />the overhead costs listed above. The project costs have also been divided between those <br />costs associated with the street improvements and those related to the improved storm <br />water system. All costs associated with the storm water improvements, including <br />drainage and utility easements shall be financed through the City's Storm Water Utility. <br />The costs associated with the street improvements shall be financed one half (50%) <br />though special assessments to the benefited properties adjacent to the improved streets <br />consistent with Minnesota State Statutes 429 and City of Ramsey Code Chapter 4. The <br />remaining 50% of the street improvements will be financed with City of Ramsey general <br />funds revenues. <br />Based upon the above distribution the total project cost, excluding the pavement of <br />private drive aprons, will be funded as follows; $140,575 from the City general fund; <br />$37,724 from the storm water utility; and $127,499 from assessments. The assessed <br />portion of the project cost shall be assessed among the benefited properties listed in <br />Appendix C. The benefited properties are approximately equal in area and frontage and <br />the assessment is proposed to be on a per lot basis including the lot which is vacant. The <br />corner property not having access or frontage on Chameleon Street is proposed to be <br />assessed one half share. The park property shall be assessed-one share. The total <br />assessable project cost shall be divided among all the assessable shares. <br />A final tabulation of actual project costs shall be made consistent with the methodology <br />described in this report. A public hearing will be held identifying the actual costs to be <br />recovered by special assessment. Property owner would have the option of paying the full <br />cost of the assessment without interest at the conclusion of the project, or could elect to <br />have this assessment collected annually with their tax payments over a ten year period. <br />Property owners electing to have the project cost specially assessed shall have their cost <br />reported to Anoka County and collected over a period of up to ten years with interest at a <br />rate of two percent (2%) above the U.S. Treasury rate at the time of the special <br />assessment hearing which is to be estimated 5.5%. <br />PROJECT SCHEDULE <br />This project is anticipated to proceed under the regulations of Chapter 4 of City Code and <br />State Statutes 429 which regulate special assessment public improvement projects. Since <br />the budget for 2010 does not contain funding for the city's share of this project within the <br />current year, construction can be anticipated for 2011. at the earliest. The schedule below <br />contains significant milestone for the progress of this project. <br />Draft 6-10 Page 4 <br />