Agenda - Council - 07/27/2010 - Laserfiche WebLink

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I+INANCING The total project costs consist of the construction costs, easement acquisition costs, and the overhead costs listed above. The project costs have also been divided between those costs associated with the stteet improvements and those related to the improved storm water system. All costs associated with the storm water improvements, including drainage and utility easements shall be financed through the City's Storm Water Utility. The costs associated with the street improvements shall be financed one half (50%) tlurough special assessments to the benefited properties adjacent to the improved streets consistent with Mitmesota State Statutes 429 and City of Ramsey Code Chapter 8.4. The remaining 50% of the sheet improvements will be financed with City of Ramsey general funds revenues. Based upon the above distribution the total project cost will he funded as follows; $150,119 from the City general fund; $37,724 from the storm water utility; and $136,155 from special 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 fontage 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 made consistent with the methodology described in this report.. A public hearing will be held identifying the actual costs to be recovered by special assessment. Property owners would have the option of paying the full cost of the assessment without interest al the conclusion of the project, or could elect to have this assessment collected annually with their tax payments over a period of up to ten years. Property owners electing to have the project cost specially assessed shall have their assessment 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 heating which is estimated to be 5.5%. PROJECT SCI3RDUL); This project is anticipated to proceed under the regulations of Chapter 8.4 of City Code and State Statutes 429 which regulate special assessments for public improvement projects. The schedule below contains significant milestones for the progress of this project. June 15 , 2010 Present feasibili stud to Public Works Committee Jul 27, 2010 Present feasibili stud to Ci Conncil and order ublic hearin Au ist 24, 2010 Hold ublic hearin October 26, 2010 Authorize ro•ect b Cit Council 30 da s after ublic hearin Ma 2011 Receive bids and award construction contract 4