Agenda - Council - 01/09/1996 - Laserfiche WebLink

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If the project should proceed to the stage where the City Council authorizes plans to be prepared and bids to be solicited as required by law, the City Council may award the construction to the lowest responsible bidder, providing that bid does not exceed 110% of the construction costs estimates contained herein. After the project has been completed and final costs are known, a public hearing will be held which will identify the actual costs to be recovered by special assessment. Each property may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment of such property, with interest, except that no interest shall be charged if the entire assessment is paid within thirty (30) days from the adoption of the resolution. Special assessments reported to Anoka County shall be payable over a ten year period with interest at a rate of two percent above the U.S. Treasury Bill in effect September 1, 1996. The interest rate is estimated to be 8.25% for the purpose of this feasibility study. The costs represented in this report are estimates. Table 2 presents a project financing summary as it would affect individual properties. Table 2 Summary of Project Financing Total project cost Total number of units assessed Unit assessment Annual Unit Assessment* (Beginning May 1997) 87,261 22 3,966 598 *Estimated at 8.25% for a ten year perio& I I I I I I I I I PROJECT PROCEDURE AND SCHEDULE This project will be undertaken and financed through the process which allows municipalities to special assess properties for public improvements. This process is governed by Minnesota State Statute 429. In addition, Ramsey City Charter provides that no project which is to be special assessed may be ordered until a period of 60 days has elapsed following the close of the tmblic hearing. The City Charter also provides that if a majority of the benefited property owners, in this case, twelve properties, petition against the project, the Council cannot order the project. If no such petition against the project is received, the City Council may at its discretion order the project, which could be anticipated to proceed on the schedule as outlined below: I I I I Hold public hearing Initiate project by ordering plans and specifications Approve plans and specifications and set the bid date Receive bids and award contracts Begin construction Complete construction Hold assessment hearings First payment due with real estate taxes February 13, 1996 April 23, 1996 May 28, 1996 June 25, 1995 July 1996 July 1996 September 1996 May 1997 Appendix C contains a flow chart which illustrates the Improvement Project Process. 4