Agenda - Council - 06/09/2015 - Laserfiche WebLink

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improvements "as it may elect and upon such terms and conditions as it may deem appropriate under the circumstances." The bank has the option of selling the parcel to a private party for development, and would likely lose some economic benefit. Village Bank utilized the engineering consulting firm of Hakanson Anderson to prepare final design plans and specifications for the public improvements. Staff has preliminarily reviewed final plans and specifications as prepared by Hakanson Anderson and finds them to be acceptable for the purposes of constructing the proposed public improvements. Hakanson Anderson also prepared an Engineer's estimate based on their plans in the amount of $482,222, and with contingencies, the estimated construction cost is $554,555. The final amount reflected in the agreement will be based on actual bid costs, plus a small contingency. The City will also assess the property owner for City staff time required to administer construction, which includes inspections. This cost will be assessed at 5.5% of project costs. Similarly, construction testing will also be assessed at 2% of construction costs. Alternatives: Alternative Action 41 — Motion to recommend Council approval of the draft Assessment Agreement for Ridgepoint residential development public improvements, Improvement Project 15-21 as proposed Alternative Action 42 — Motion to recommend Council approval of the draft Assessment Agreement for Ridgepoint residential development public improvements, Improvement Project 15-21 with modifications as follows: Alternative Action 43 — Motion to recommend Council denial of the draft Assessment Agreement. Funding Source: City Improvement Project 15-21 is proposed to be funded from the Public Improvement Revolving (PIR) fund, which would then be paid back over a three (3) year term from special assessments levied against Village Bank via the adopted Assessment Agreement. Recommendation: Staff supports any of the three alternative actions. Action: Motion to recommend Council approval or denial of the draft Assessment Agreement for Ridgepoint residential development public improvements, Improvement Project 15-21 Attachments Draft Assessment Agreement Form Review Inbox Reviewed By Date Patrick Brama Patrick Brama 05/14/2015 03:02 PM Grant Riemer Grant Riemer 05/14/2015 03:10 PM KurtUlrich MaryJo Warner 05/14/2015 03:47 PM Form Started By: Bruce Westby Started On: 05/14/2015 12:35 PM Final Approval Date: 05/14/2015