Agenda - Council - 03/25/1986 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I Vo FINANCING AND ASSESSMENT In accordance with the City of Ramsey's current assessment policy, fifty percent of an equivalent cost of a residential or industrial street is assessed on MSA streets to any property with direct access to the MSA street. As shown on Exhibit A, none of the proposed lots in the Northfork Phase II development have access to 153rd Avenue extension. Therefore, the entire portion of the street construction is proposed to be financed by MSA funds. The City's assessment policy for storm sewer improvements is to assess the benefiting properties on an area basis. Based on the proposed Phase II development of Northfork approximately 12.6 acres will .be benefited by the storm sewer construction for 153rd Avenue. Therefore, the benefit to Northfork is estimated to be $19,500. The following table shows the total project cost with the amount proposed to be financed by assessments and MSA funds. TABLE III - COST SUMMARY PROJECT COSTS Storm Sewer Costs Street Construction Cost Total Estimated Projects Costs PROPOSED FINANCING: Northfork Assessment MSA Funds TOTAL FINANCED COST $ 32,700 $240t200 $272,900 $ 19,500 $253t400 $272,900 5