Agenda - Council - 01/25/2005 - Laserfiche WebLink

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7.0 fifteen (15) years. SeCti6~ 7 01 of~this report discusses the cost allocation. Only the street improvements, e~(blUding 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 saniiary 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 ImproVemer~ts, ithe City may levy special assessmentS against the subject :property following a period of three years after the project is complete, i 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 breakd(~wn 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 Storm Drainaqe, Wate, r and Sanitary Sewer $3,514,900 $ 7O2,98O $4,217,880 $ 8OO,OOO $3,417,880 $2,'734,304 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 ifor by h¢ok,uP or. connection fee or charges. After three years, if there is a shortfall to (:Over-the debt service on the bo ~nds, the City may levy special assessments agaihSt the subject property to cover the debt service. Following is a summary :of tl-ie costS for storm drainage, water and sanitary sewer: Page 6 i G:\MunicipaltAramsey\3171\RA3171FSR,d0c ,