Agenda - Council - 06/13/1995 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I Engineering 10% Staldng and Inspection 7% Fiscal nd Legal 3% Admin~swafion 5% Contingencies 5% Since the City entered~into an agreement to relocate the roadway, it is proposed that the Ci. ty would finance this cost. Th[us, the assessable project cost would be reduced by $5,840 from the total project cost. TABLE 1 ESTIMATED PROJECT COSTS 450 tons @ $26/ton 1000 tons @ $6/ton Lump Sum Lump Sum 3 ea @ $400/ea 2.5 acres @ $1,000/acre Bituminous Paving $11,700 Class V Base Course 6,000 Regrade Roadway* 4,500 Fine Grade/Test Roll 1,500 Culvert 1,200 Tuff Restoration~ 2.500 Estimated Constrt etlon Cost $27,400 Overhead Costs @ 3£% Construction Cost $,220 Total Project Cost[ $35,620 Project AssessablO Cost $29,770 *City Cost for Relocating the Roadway $ 5,850 PROJECT FINANCING It is proposed that t~he project assessable costs be divided equally among.the six benefitted properties. Thus, ea0h parcel identified in Exhibit A would be responsible for $4,962. The City had agreed to accept p.n 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 ~roceed to the stage where the City Council authorizes plans to be prepared and bids to be solicit,~d as required by law, the City Council may award the construction to the lowest responsible l~idder, 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 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 whdle of the assessment on such property, with interest, except that no interest shall be charged if th~ entire assessment is paid within thirty (30) days from the adoption of the resolution. Special alsessments 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 b 11%. The costs presented in this report are estimates. Table 2 presents a project financing sum mary as it would affect individual properties.