Agenda - Council - 02/08/2005 - Laserfiche WebLink

Home

FINANCING hi addition to construCtion cost, overhead charges of twenty-two percent (22%) wilt be applied to cover the following services: Engineering mhd Insp¢cti0n 10% City Staff Administration 5 % Bonding and Legal 2% · Contingencies 5 % It is the City's policy to assess property owners fifty percent (50%) of the total project cost of the- improvements for projects associated with the annual street maintenance program. Properties are assdssed equally regardless of front footages or property size,'since comer lots and cul-de-sac lots, which are common within the City, would receive widely disparate assessments. Since projects are generally classified by subdivisions which have similar characteristics and lot sizes, it is felt that there is a fair apportionment of project costs when assessed equally within the individual subdivisions. Table 5 contains the distributiOn of costs ;between the City and the benefited parties. A listing of benefited properties are listed in the preliminary assessment role contained in Appendix B. The costs contained within this report are estimated costs. The projects will have a final tabulation made on actual project costs consist.ertl with the methodology described in this report. A public hearing will be held identifying the actual Costs to be recovered by special assessment. Each property may, at any time prior to certificatiOn of the assessment to the County Auditor, pay the whole of the assessment on such pr6perty, with interest, except that no interest shall be charged' if the entire assessment is paid Within 30 days from the adoption of the assessment resolution. Special assessments t'eported to' Anoka iCoUnty shall b'e payable over a' three-year period for sealcoating projects, and over a ten-year period for bituminous overlaying projects, with interest at a rate of two percent (2%) above the U.S. Treasury rate at the time of the special assessment hearing. PROJECTED PROJECT SCHEDULE A schedule for the milestones associated with this project is presented in Table 6..