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The test for determining the validity of a special assessment is whether the improvement for which the assessment <br />was levied has increased the market value of the property against which the assessment was levied in at least the <br />amount of the assessment. <br />Ramsey's Special Assessments Policy identifies three optional methods for calculating assessments; Adjusted Front <br />Footage, Area, and Per Lot. The Feasibility Report for this project identified 16 benefiting residential properties <br />that are proposed to be assessed up to 25% of eligible project costs. On all previous residential street reconstruction <br />projects, the Per Lot assessment method was applied so Staff recommends using the Per Lot method for this project. <br />All project costs are eligible for special assessments since streets were reconstructed to their pre-existing widths and <br />structural capacities. The preliminarily approved assessment amount was $6,733.36 per parcel, with total <br />assessments amounting to $107,733.70. <br />A Special Benefit Consultation report is being prepared for this project by the property appraisal and valuation firm <br />of Patchin Messner Dodd and Brumm. This report will help provide proof of benefit to benefiting properties based <br />on the completed improvements. The results of this report, along with the final special assessment amounts as <br />determined by final construction costs, will be discussed with the City Council and the Public during the <br />Assessment Hearing on October 9, 2018. <br />Recommendation: <br />Staff recommends Alternative # 1. <br />Action: <br />Motion to adopt Resolution #18-187 ordering preparation of an assessment roll and calling for an Assessment <br />Hearing at 7 p.m. on October 9, 2018 for Improvement Project #18-00, Stanhope Terrace Street Reconstructions. <br />Resolution 18-187 <br />Feasibility Report 18-00 <br />MSS Chapter 429 <br />City Charter Chapter 8 <br />Spec Assessments Policy <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 09/06/2018 04:12 PM <br />Form Started By: Bruce Westby Started On: 09/04/2018 06:50 AM <br />Final Approval Date: 09/06/2018 <br />