Agenda - Council - 10/08/1996 - Laserfiche WebLink

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! I I I I I I ! I sEnt~.neering 10% ng and Inspection 7% Fiscal and Legal 3% Adininistration 5% Contingencies 5% Since the City entged into an agreement to relocate the roadway, it is proposed that the City would finance this cost. i Thus, the assessable project cost would be reduced by $5,840 from the total project cost. TABLE 1 ESTIMATED PROJECT COSTS Bituminous Paving Class V Base Cora'se Regrade Roadway* Fine Grade/Test Rbll Culvert Turf Restoration Estimated Construction Cost 450 tons @ $26/ton 1000 tons @ $6/ton Lump Sum Lump Sum 3 ea @ $400/ea 2.5 acres @ $1,000/acre Overhead Costs @ 30% Construction Cost Total Project Cost Project Assessable Cost *City Cost for 'Relocating the Roadway $11,700 6,000 4,500 1,500 1,200 2.500 $27,400 8.220 $35,620 $29,770 $ 5,850 PROJECT FINgANCING It is proposed that the project assessable costs be divided equally among the six benefitted properties. Thus, ~each parcel identified in Exhibit A would be responsible for $4,962. The City had agreed to accept an amount of $9,430 from the developer of Dellwood Hills as full payment for the paving of l~ison Street for the benefit to parcels two and three. It is therefore proposed that the City would coritribute the difference of $494 between the amount escrowed and the amount due for these two parcels. 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 responsibl~ bidder, providing that bid does not exceed 110% of the construction cost estimates containad herein. After the project has been completed and final costs are known, the public hearing wtll be held which will identify the actual costs to be recovered by special assessment. Eachiproperty may, at any time prior to certification of the assessment to the County Auditor, pay the Whole of the assessment on such property, with interest, except tth~at 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 {~te of 2% above prime rate at the time of the special assessment hearing. This rate is estimated t0 be 11%. The costs presented in this report are estimates. Table 2 presents a project financing summary as it would affect individual properties.