Agenda - Council - 08/24/1993 - Laserfiche WebLink

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Improvement Bituminous Paving Bituminous curbing Restoration behind curb Construction Cost Total Overhead @ 30% Total Project Cost TABLE 1 PROJECT ~93.12 ESTIMATED PROJECT COST 512 tons $25 ton 600 feet $0.50/foot Lump Sum $500 $12,800 $300 $50O $ I3,600 $4.080 $17,680 Exh/bit A identifies eight (8) properties which were determined to receive direct benefit from this project. All benefited parcels are developed with single family residences. It is proposed 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 ff 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 (10) year period with interest at a rate of two pement (2%) above prime rate at the time of the special assessment hearing. This assessment interest rate is estimated to be eight percent (8%). The costs presented in this report are estimates. Table 2 presents a project financing summary as it would affect individual properties. TABLE 2 PROJECT #93-12 ESTIMATED PROJECT COST SUMMARY Total Project Cost Total Units Assessed Assessment Per Unit Annual Unit Assessment Annual Interest Rate Length of Assessment $17680 8 $2,210 $329.36 8% 10 Years I I I I I ! I I I I I I I I I I I I