Agenda - Council - 03/09/1993 - Laserfiche WebLink

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I71st Avenue N.W. and Bison Street N.W. When Dellwood Hills was platted, the Development Agreement acknowledged a partial responsibility toward the paving of Bison Sn-eet N.W. An escrow of $9,434 was placed on deposit with the City which represented the estimated fair share of two buildabte lots. As stated previously in this study, testimony at the public hearing held on February 23, 1993 indicated that Parcels 3 and 4 which are owned by a single individual have been combined into a single parcel. For the purpose this feasibility study, it is assumed that this has been done and consequently, the number of assessable parcels for Project g92-20 has been reduced from seven to six and Table 3 has been adjusted to reflect this change. The actual assessment will be determined by the legal number of benefitted properties in existence on the date of the assessment hearing. It is proposed that alt benefitted lots be assessed equally regardless of individual front footages or value of improvements or individual lots, as this has been past City policy on previous paving projects. However, the $9,434 escrow posted by the developers of Dellwood Hills will be applied equally against the assessments due to parcels 5 and 6. If the project should proceed to the stage where the City Council authorizes plans to be prepared and bids to be solicited as required by law, the City Council may award the construction to the lowest responsible bidder, providing that bid does not exceed 110% of the construction cost estimates contained herein. After the project has been completed and final costs are known, the public hearing will be held which will identify the actual costs to be recovered by special assessment. Each property may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest, except that no interest shall be charged if the entire assessment is paid within thirty (30) days from the adoption of the resolution. Special assessments reported to Anoka County shall be payable over a ten year period with interest at a rate of 2% above prime rate at the time of the special assessment hearing. This rate is estimated to be 8%. The costs presented in this report are estimates. Table 3 presents a project financing summary as it would affect individual properties. TABLE 3 ESTIMATED PROJECT g92-20 COST SUMMARY Total Project Cost $35,100 Total Units Assessed Cost per Unit $5,850 Cost per Parcel 4 and 5 l $1,133 Annual Assessment Parcels 1, 2, 3, 4 and 7 $872 Annual Assessment Parcels 4 and 5 $169 ~$9,434 was applied to the shares for parcels 4 and 5 from the escrow contributed by Dellwood Hills. 4