Agenda - Council - 02/10/2015 - Laserfiche WebLink

Home

the remaining street reconstruction projects in the 5 -year CIP include public utility extensions so ample time should be available to address this issue in the future. This project is necessary, cost-effective and feasible from an engineering standpoint, and can be constructed as proposed. Alternatives: Alternative Action #1 — Motion to adopt Resolution #15-02-034 ordering final plans and specifications for Improvement Project #13-10; Garnet Street and 168th Avenue Reconstruction, as proposed by staff. Alternative Action #2 — Motion to adopt Resolution #15-02-034 ordering final plans and specifications for Improvement Project #13-10; Garnet Street and 168th Avenue Reconstruction, with the following modifications to staff's proposed design: Alternative Action #3 — Motion to deny adoption of Resolution #15-02-034 at this time. Funding Source: The Feasibility Report was completed in-house as part of staff's regular duties. The Geotechnical Evaluation Report completed by NTI had a cost of $2,525, which is included in the indirect costs. The engineer's opinion of probable costs per street segment, including all costs for surface (streets), stormwater, water, and sanitary sewer, is $1,125,000 for Garnet Street and $550,000 for 160 Avenue, which totals $1,675,000. Estimated costs include 10% contingency costs plus 25% indirect costs for administrative, engineering, finance and legal costs.Appendix B of the Feasibility Report includes a detailed cost summary. This improvement project, which is included in the City's 5 -year Capital Improvement Plan for construction in 2015, can be funded using a combination of special assessments to benefiting properties, and sewer, water and stormwater utility funds. The issuance of Street Reconstruction Bonds will fund the surface (street) improvements as outlined in the 2015-2019 CIP as discussed and approved in a previous case. Per the adopted Special Assessments Policy, the City may consider assessing up to 25% of applicable street reconstruction project costs. However, based on the existing large lot sizes (2+ acres) and street frontages (200+ linear feet) along these streets, the preliminary special assessment proposed in the Feasibility Report is set at $6,500 per lot. This equates to about 5.4% of all eligible surface (street) improvement costs. This totals $78,000 for the 12 single-family residential property owners with direct access onto the improved street segments. The funding section of the Feasibility Report includes more detail on the proposed assessments. The table below shows the estimated project costs and funding sources per improvement category. Improvement Category Assessments City Funds Total Surface $78,000 $958,000 $1,036,000 Storm Sewer — $198,000 $198,000 Water Main — $271,000 $271,000 Sanitary Sewer — $170,000 $170,000 Totals $78,000 $1,597,000 $1,675,000 The table below shows the estimated assessment amounts based on 10 and 5 year terms, a 3.9% interest rate, and an assessment hearing date of October 13, 2015 (444 days in first year). IP #13-10 Estimated Special Assessments 10 - Year Term 3.900% 1 Pay-off