Laserfiche WebLink
FINANCING PROJECT g92-23 <br /> <br />Exhibit B identifies six properties which will receive direct benefit from this project. All six of <br />these parcels are currently developed with single family dwellings having frontage and vehicular <br />access onto Bison Street N.W. It is proposed that all six of these parcels be assessed equally, <br />regardless of individual front footages or value of improvements on individual lots, as this has <br />been past City policy on previous paving projects. <br /> <br />If the project should proceed to the stage where the City Council authorizes plans to be prepared <br />and bids to be solicited as required by law, the City Council may award the construction to the <br />lowest responsible bidder, providing that bid does not exceed 110% of the construction cost <br />estimates contained herein. After the project has been completed and final costs are known, the <br />public hearing will be held which will identify the actual costs to be recovered by special <br />assessment. Each property may, at any time prior to certification of the assessment to the County <br />Auditor, pay the whole of the assessment on such property, with interest, except that no interest <br />shall be charged if the entire assessment is paid within thirty (30) days from the adoption of the <br />resolution. Special assessments reported to Anoka County shall be payable over a ten year period <br />with interest at a rate of 2% above prime rate at the time of the special assessment heating. This <br />rate is estimated to be 8%. The costs presented in this report are estimates. Table 4 presents a <br />project financing summary as it would affect individual properties. <br /> <br />TABLE 4 <br /> <br />ESTIMATED PROJECT #92-23 COST SUMMARY <br /> <br />Total Project Cost <br /> <br />$ 32,581 <br /> <br />Total Units Assessed <br /> <br />6 <br /> <br />Cost per Unit $5,430 <br /> <br />Annual Assessment <br /> <br />$809 <br /> <br />PROJECT SCHEDULES <br /> <br />If the City should elect to proceed with either or both of these projects, the following schedule <br />could be anticipated: <br /> <br />Accept feasibility study and set public hearing <br />Conclude public heating <br />Order plans and specifications <br />Approve plans and specifications and set bid date <br />Receive bids and award project <br />Begin construction <br />Complete construction <br />Hold assessment hearings <br />First payment due with real estate taxes <br /> <br />January I2, 1993 <br />March 9, 1993 <br />May 11, 1993 <br />June 22, 1993 <br />July 27, 1993 <br />August 1993 <br />September 1993 <br />September 1993 <br />May 1994 <br /> <br /> <br />