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5. FINANCING <br />5.1 Opinion of Cost <br />Detailed opinions of probable costs for the proposed improvements can be found in Appendix B <br />as prepared by the City of Elk River's engineer. <br />5.2 Funding <br />5.2.1 Assessments <br />Residential Assessments <br />Residential assessments are proposed to be levied against residential properties having <br />direct access to Jarvis Street. To be consistent with the City's Special Assessments <br />Policy, each residential property is proposed to be assessed using the "per lot" method. <br />Ten single-family residential properties are preliminarily proposed to be assessed at the <br />rate of $4,500 per lot. However, since special assessments have not been utilized widely <br />for street reconstruction projects in Ramsey, and since State Statute and the City Charter <br />does not allow for assessments to exceed the benefit to the property, staff wants to ensure <br />that the assessment used with this project will not exceed the benefit to the assessed <br />properties. Staff is therefore requesting Council authorization to order a benefit appraisal <br />consultation for this project in accordance with the City's Special Assessments Policy. <br />The Preliminary Assessment Map and Roll are included in Appendix D. <br />5.2.2 City Contribution <br />The City contribution to the project includes all funding in excess of the amount collected <br />through special assessments to benefiting properties. No funds were budgeted for this <br />project in 2015. However, the City of Elk River proposes to pay for the cost of all <br />improvements up -front, and is agreeable to letting the City or Ramsey pay them back <br />interest-free over the three-year period including calendar years 2016, 2017 and 2018. <br />This improvement project, which is listed in the City's current 5 -year Capital <br />Improvement Plan, is proposed to be funded using a mix of Public Improvement <br />Revolving (PIR) funds, special assessments, and stormwater utility funds. <br />Feasibility Report <br />Jarvis Street Reconstruction and Railroad Crossing Quiet Zone Improvements <br />City of Ramsey Project No. 15-20 <br />Page 9 <br />