Agenda - Council - 05/23/1995 - Laserfiche WebLink

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Engineering 10% Staking and Inspection 7% Fiscal and Legal 3% Administration 5% Contingencies 5% Since the City entered into an agreement to relocate the roadway, it is proposed that the City would finance -this cost. 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 Course Regrade Roadway* Fine C~ e~est Roll Culvert Tuff ReStoration Estimated Construction Cost 450 tons @ $26/ton $11,700 1000 tons @ $6/ton 6,000 Lump Sum 4,500 Lump Sum 1,500 3 ea @ $400/ea 1,200 2.5 acres @ $1,000/acre . 2,500 $27,400 Overhead Costs @ 30% Construction Cost 8,220 Total Project Cost $35,620 Project Assessable Cost $29,770 *City Cost for Relocating the Roadway $ 5,850 PRoJEcT FINANCING 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 a~eed to accept an amount of $9,430 from the developer of Dellwood Hills as full payment for the~paving of Bison Street for the benefit to parcels two and three. It is therefore proposed that the City would contribute 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 bi,ts 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 publici 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 Audit6r, pay the whole 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 rate of 2% above prime rate at the time of the special assessment hearing. This rate is estimated to be 11%. The costs presented in this report.are estimates. Table 2 presents a project financing summary as it would affect individual properties. I I I I I I