Agenda - Council - 05/13/1980 - Laserfiche WebLink

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Financing and Assessments: In accordance with %he City of Ramsey's current street assessment policy, the proposed improvements are proposed to be financed by special assessments to the benefiting property on a per unit basis. As shown on Exhibit A the large tract of land lying southwesterly of Kamacite St. and 158th Lane is proposed to be assessed ~or two units. Due to the current bond market situation, it is difficult to project accurately the annual amortized unit costs. Therefore, an estimated interest rate of 10 percent will be used to project estimated annual costs. The following table provides a cost summary for the project based on the total estimated cost, unit cost and annual amortized unit costs projected at 10 percent int'erest for a period of 10 years. COST SUMMARY Total Costs $ '39,375 Total Units 26. Cost .Per Unit ~'$1~514.42 Annual Unit Cost $ 246.48 (10 Yrs.) -Conclusions and Recommendations: The proposed improvements are feasible and will benefit the area served. It is our recommendation the City proceed with the.improvements as presented. To obtain the most economical bids, we would recommend that the City consider bid- ding the project in'conjunction with other street projects as one contract. It is also recommended that the projects be bid at the earliest date possible, providing that the bonding legislation is changed.