Agenda - Council - 04/27/2004 - Laserfiche WebLink

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7.0 fifteen (15) years. Section 7.0 of this report discusSes the cost allocation. Only the street improvements, excluding the storm drainage,-will be paid for by assessments. The storm drainage cost will'be paid by the City's Storm Water Impact Fees and MSA funds. The cost of the water and sanitary sewer will be paid with hookup fees at the time of hookup per the City schedule of Rates and Charges. If the hook-up or connection fees or charges do not cover the debt service or the bonds to finance the Phase I Utility Improvements, the City may levy special assessments against the subject property following a period of three years after the project is complete. COST ALLOCATION Streets In accordance with the Master Development Agreement, 20% of the project will be assessed; the remaining costs will come from MSA funds, grants and local funding. Following is a breakdown of costs for the proposed streets and bridge. · Construction Cost of Streets, Signals and Bridge · Plus 20% Overhead · Total Cost of Street Construction · Less Grant Award · Net Project Cost to be Assessed · Less 20% Assessment · Balance of Streets and Bridge to be funded by other sources $3,514,900 $ 7O2,980 $4,217,880 $ 8OO,OOO $3,417,880 $ 683,576 $2,734,304 Storm Drainaqe, Water and Sanitary Sewer The City will pay for the storm drainage construction cost from the City's Storm Water Utility Fund and from MSA funds. The water and sanitary sewer is' proposed to be paid for by hook-up or connection fee or charges. After three years, if there is a shortfall to cover the debt service on the bonds, the City may levy special assessments against the subject property to cover the debt service. Following is a summary of the costs for storm drainage, water and sanitary sewer: Page 6 G:\Municipal~Aramsey\3171\RA3171FSR.doc