Agenda - Council - 03/24/2015 - Laserfiche WebLink

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Observations/Alternatives: Observations: The proposed improvements are consistent with the City's long-term Street Maintenance Program. Abutting properties with direct access to street segments identified to be improved with this project are proposed to be assessed for 25% of the project costs. The "per lot" assessment method is recommended due to the similar benefit that will be realized by each property. The proposed use of special assessments conforms to the requirements set forth in State Statute Chapter 429, chapter 8 of the City Charter, applicable City code, and the recently adopted Special Assessments Policy. According to the attached Feasibility Report, this project is necessary, feasible, and cost-effective from an engineering standpoint, and can be constructed as proposed herein. Alternatives: Alternative Action #1 — Motion to adopt Resolution #15-03-073 authorizing Plans and Specifications for the 2015 Street Maintenance Program - Division B; Improvement Project #15-00, as proposed by staff. Alternative Action #2 — Motion to adopt Resolution #15-03-073 authorizing Plans and Specifications for the 2015 Street Maintenance Program - Division B; Improvement Project #15-00, with modifications as follows: Alternative Action #3 — Motion to deny adoption of Resolution #15-03-073 at this time. Funding Source: Plans and specifications will be completed in-house as part of staff's regular duties. The Engineer's opinion of probable costs for this project is $634,880. Estimated costs include 10% contingency costs, plus 25% indirect costs for administrative, engineering, and legal costs. This improvement project is identified in the City's 5 -year Capital Improvement Plan, and is proposed to be funded initially using Street Reconstruction Plan Bonds per the City's 5 -year Street Reconstruction Overlay Program. Preliminary special assessments are proposed in the amount of $1,280 per lot. A total of 124 assessable properties are identified in the feasibility report resulting in a total assessment amount of $158,720 which equals 25% of the estimated project costs in accordance with the City's adopted Special Assessments Policy. IP #15-00 Division B Estimated Special Assessments 5 - Year Term 4.100% Pay-off Year Principal Payment Interest Payment Total Payment Balance 1280.00 2016 256.00 63.84 319.84 1024.00 2017 256.00 41.98 297.98 768.00 2018 256.00 31.49 287.49 512.00 2019 256.00 20.99 276.99 256.00 2020 256.00 10.50 266.50 111 Total $ 1,280.00 $168.84 $ 1,448.80 Recommendation: