Agenda - Council - 07/13/1993 - Laserfiche WebLink

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TABLE 1 ESTIMATED PROJECT COSTS Bituminous paving Bituminous curbing Restoration behind curb Estimated construction cost Overhead costs Total Project Cost 512 ton @ $25 / ton 600 feet @ $0.50 / foot Lump sum @30% Construction Cost $12,800 300 500 13,600 4,080 17,680 FINP~NCING AND ASSESSMENT Exhibit A identifies eight propeties which were determined to recieve direct benefit from this project. All benefited parcels are developed with single family residences. It is propocd that all directly benefited lots be equally assessed regardless of individual front footages or value of improvements on individual lots, as this has been past City policy on previous paving projects. 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 actual costs to be recovered by special assessment. Each benefitted 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 accrued to the date of payment, to the City Treasurer, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment 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 pesented in this report are estimates. Table 2 presents a project financing summary as it wouild affect individual properties.