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SECTION- 1 -- Roadway Reconstruction Assessment 1equixemenfs <br />I. GENERAL • <br />IV nnesota. State Law, Chapter 429 provides that a Municipality has the power do make <br />public impro r-ments such as, street and- storm sewer improvements including grad!ng, <br />curb and guit• -, and sutifacing, and assess the improvements to the lienefitingps:opertiea. <br />This see`don of. the Policy describes how roadway reconstruction project shall be <br />assessed. <br />All properties benefiting fiiom the roadway reconstruction. (fiontiug along -the new <br />roadway) shag. pay a proportionate snare of the cost of local improvements per„this <br />policy. The City. Comiei has approved the roadway xeconsiict on assessment such that <br />25% of the pr aject cost (construction costs aaid Indirect cost such. as engineethg, design.. <br />and other adoloistrative costs as identifietl on. the City's assess..evt vrorksheet) to be • <br />assessed as id sntified under the Methods of Assessments. 'ate remawder of the cuts <br />shall be fundeNt by the City's Road & 13ridgo Fund. . . <br />Any roadway-econstzuctxon pro3eet (including Municipal State Aid streets) that is part of <br />a neighborhood or subdivision will be assessed based on the standard City street. Bxtra <br />width and/or .creased section cost will not be included in the 25% assessment. If a <br />Municipal Sta Aid street is included. in the reconstruction. project' the City can submit <br />for reunbuxsez--sent from the State fir a portion: oftlio project , but this would not reduce <br />the assessable amount with exception to the extra width and/or pavement section (based <br />upon. 25% of he total.projeot costs). to the benefiting properties. Any State Aid funds <br />collected. for Bose projects would go toward finding the City's shale of the total project <br />costs. <br />1 . I'OLICWS 1 BLATIN4; ';1;O SPECIAL ASSESSMENTS: <br />Assessment <br />The total assessment costs Must be apportioned. e:Iua It' amongst properties having the- <br />sante general lands use (residential, institutional, multiple family, cammexcal or <br />hutusttial), based on benefit. Total assessment against any particular parcel shall not <br />exceed benefit to that parcel. <br />A.spessineatFG.iod <br />Recenstractior_ improvements may be assessed for a periocl of up to el (a) years. A <br />Senior Citizen deferral is permitted (refer to State Law). <br />Interest Rate • <br />• <br />The rate of. int crest on assessments shall be determined by the City Finance Director with <br />coni turenice of the City Council at the'tuue•tfxeproject is initiated. <br />2 <br />