Agenda - Council - 04/25/1995 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I It is proposed that all benefitted lots be assessed equally regardless of individual front footages or value of improvements or individual lots, as this has been past City policy on previous paving projects. However, ithe $9,434 escrow posted by the developers of Dellwood Hills will be applied equally against the ~issessments due to parcels 5 and 6. · If the project shoul~ 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 cost estimates contained~ herein. After the project has been completed and final costs are known, the public hearing wig be held which will identify the actual costs to be recovered by special assessment. Each l~roperty may, at any time prior to certification of the assessment to the County Auditor, pay the wlaole of the assessment on 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 ra~e of 2% above prime rate at the time of the special assessment hearing. This rate is estimated tolbe 8%. The costs presented in this report are estimates. Table 2 presents a project financing sui'nmary as it would affect individual properties. TABLE 2 ESTIMATED PROJECT g92-20 COST SUMMARY Total Project Cost ! Total Units Assess~ Cost per Unit Cost per Parcel 4 a!a~d 5 1 Annual Assessmeni Parcels I, 2, 3, 4 and 72 Annual Assessmeni Parcels 4 and 5 $35,100 6 $5,850 $1,133 $872 $169 159,434 was applied to the shares for parcels 4 and 5 from .the escrow contributed by Dellwood Hills. 2Parcels 3 and 4 will be charged one or two shares depending upon whether they have been legally combined by the clhte of the assessment hearing. Table 2 has been prepared assuming that they will be combined. PROJECT SCHEDULES A discussion of th[~ project's history has been presented previously in the Scope and Introduction Section. City Cha~ter provides that no project may be authorized to proceed prior to 60 days from the close of the p~blic hearing held for such project. If a majority of the benefitted property owners petition a,~ainst the project within this 60 day period, it may not proceed. If no such petition is receive~~ the project might be anticipated to proceed on the schedule as outlined below: Initiate project by ordering plans and specifications Approve p!~ms and specifications and set bid date Receive bids and award project Begin construction Complete ~nsmacfion Hold assessment hearings First paymsnt due with real estate taxes April 13, 1993 April 27, 1993 May 25, 1993 June 1993 Late June 1993 August 1993 May 1994 3