Agenda - Council - 11/14/2017 - Laserfiche WebLink

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Any comments received after this case was prepared will be presented to Council before the Public Hearing is opened. Alternatives: Alternative #1 — Motion to adopt Resolution #17-11-286 approving Feasibility Report and ordering Plans and Specifications for Improvement Project #18-01, North Forty Street Reconstructions. Alternative #2 — Motion to deny adoption of Resolution #17-11-286 at this time. Funding Source: The Feasibility Report was completed in-house as part of Staff's regular duties. The current Capital Improvement Plan (CIP) estimates costs for reconstructing these streets at $900,000. Per the attached Feasibility Report, the engineer's opinion of probable project costs is $518,685.13. A total of 15 residential parcels will benefit from the proposed improvements and are preliminarily proposed to be assessed for 25-percent of eligible project costs which totals $129,671.28. This equates to preliminary assessments of $8,644.75 per parcel. The City will fund the remaining 75-percent of project costs, which totals $389,013.85. The City's costs will be funded using Street Reconstruction and Overlay Program bond funds, as well as a Stormwater Utility Funds. Assessments are proposed to be assessed over a term of ten years, with interest rates proposed at two percent above the bond interest rate. Staff proposes to request Council authorization to order a benefit appraisal consultation for this project in accordance with the City's Special Assessments Policy at the time Council awards a construction contract. Recommendation: Staff recommends Alternative #1 to allow the project to be constructed as part of the 2018 Street Maintenance Program, and to allow for the use of special assessments to pay for a portion of the project costs per the applicable provisions of Chapter 8 of the City Charter, the City's Special Assessments Policy, and Minnesota Statute Chapter 429. Action: Motion to adopt Resolution #17-11-286 approving Feasibility Report and ordering Plans and Specifications for Improvement Project #18-01, North Forty Street Reconstructions. Attachments Resolution 1711286 Feas Report IP1801 PH Notice Spec Assessments Policy MN Statute Chapter 429 City Charter Chapter 8 Public Info Mtg Comment Cards Form Review Inbox Reviewed By Date Kurt Ulrich Bruce Westby 11/09/2017 02:22 PM Bruce Westby (Originator) Bruce Westby 11/09/2017 02:25 PM Kurt Ulrich Kurt Ulrich 11/09/2017 02:48 PM