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SECTION If -- Roadway -Reconstruction Assessment 13.equirements <br />L GENERAL • <br />Niipriesota.Stra.e Law, Chapter 429 provides that a Municipality tags the power to make <br />public improsrmeats such as, street and sforrn sewer improvements including 'grading, <br />curb and gntte_-, and surfacing, and assess the improvements to the 'benefiting properties. <br />This section. of. the golicy describes how roadway. reconstruction project shall be <br />assessed. <br />All proptztie, benefiting from. the roadway reconstruction. (fronting along the new <br />roadway) shall pay a proportionate share of the cost of local improvements per..this <br />policy. The Qty. Council: has approved the roadway reconstruction. assessment such that <br />25% of the px 3ject cost (construction costs and indirect cost such as engineering, design . <br />. and other adze iinistrative costs as identified on the City's assessment worksheet) to be <br />assessed as id ratified under the Methods of Assessments. The remainder of the costs <br />shall bezded by the Cities Road & T3ridge Fund. <br />Any roadway : :econs. :econskuction. project (including Manicipal Sate Aid streets) that is part of <br />a neighborkocd or subdivision will be assessed based on the standard City street. Extra <br />width and/or : ncreased section cost will, not be included in the 25% assessment. If a <br />Mrniioipal Sta.:eAid street is included in the reconstruction project, the City can submit <br />for reimbutseiient from the State .for a portion ofVie project, but this would not zeduce <br />the assessable amount with exception to the extra width andfor pavement section (based <br />upon 25% of he total•projeot costs) to the benefiting properties. Any State Aid funds <br />collected for these projects would go toward funding the City's share of the total project <br />costs. <br />• <br />E. POLICIES 1 ELATR\NQTO SPECIAL ASSE,SPi ENT r <br />.Assessment <br />The total a.sse-;sment costs must be aplwrtioned equally aittongst properties having the - <br />same general land use (residential, institutional, multiple family, commercial or <br />industrial), based on benefit Total assessment against airy particular parcel shall not <br />exceed benefit to that parcel. <br />AspessmentPcriod <br />Reccinstriictior . improvements may be assessed for a period of up to <br />Sebior Citizen deferral is permitted (refer to Slate Law). <br />Interest Rate <br />t (8) years. A <br />The xat-e o int. rest on assessments shall be determined by the City Finance Director with <br />. concurrence of the City Council at thelimethe project is that . <br />2 <br />