Laserfiche WebLink
Page 4 Special Assessments Policy <br />and Fiscal <br />Estimate of 6%. The estimate breaks down to 5%0 <br />administrative, .5% legal and .5% fiscal. <br />3. Engineering - Consultant Percentage calculated according to City <br />Engineering Curve. Estimate of 8% <br />- City Flat rate of 2%. <br />4. Staking <br />5. Inspection <br />6. Geotechnics <br />7. Easement Preparation <br />8. Easement Acquisition <br />9. Assessments - Consultant <br />City <br />10. Contingency <br />11. <br />Interest Made & Paid <br />Estimate of 4% <br />Estimate of 7% for one construction season and <br />8% for two construction seasons. <br />Estimate of 1% <br />Estimate of 1%0 <br />Estimate of 1% <br />Estimate of 1% <br />Flat rate of 1% <br />Estimate of 2% <br />Estimate of 1% <br />TOTAL OVERHEAD TO BE USED 35% <br />The overhead may fluctuate based upon the actual or projected costs of the project. If <br />the City decides to assess the project after construction, the actual cost will be used. <br />Any contributing funds from the City (i.e., cooperative agreement funds, park funds, <br />sewer trunk funds, water trunk fund, TIF) or outside governmental agencies will be <br />deducted from the total improvement cost to determine the assessable cost. <br />Generally the assessment period is five years for new residential development and 15 years <br />for new commercial development. <br />The assessment interest rate charged to property owners is approximately 2% above the <br />bonding rate. This is to cover any shortages in the bond fund due to nonpayment of <br />assessments by property owners. The assessment rate is set by the City Council at the <br />assessment hearing. <br />It should be emphasized that the special assessment methods and policies summarized herein <br />cannot be considered as all-inclusive and that unusual circumstances may at times justify <br />special consideration. Exceptions shall be approved by City Council. Also, any fixed cost <br />