Agenda - Council - 10/09/2018 - Laserfiche WebLink

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5. FINANCING 5.1 Opinion of Cost A detailed opinion of probable costs for the proposed improvements can be found in Appendix B of this report. The opinion of probable costs incorporates anticipated 2018 construction costs for the proposed improvements with 5-percent contingency costs, plus 23-percent indirect costs for administrative, engineering, financing and legal costs. City staff prepared the Feasibility Report in-house as part of staffs normal duties. Braun Intertec prepared the Geotechnical Exploration and Engineering Review, included in Appendix C, at a cost of $3,228.67. 5.2 Funding 5.2.1 Assessments A portion of the project costs is proposed to be recovered through special assessments levied against the 16 identified benefiting properties; 7 along Ute Street, 5 along 154t Lane, and 4 along 153rd Court. Assessments are proposed to be collected for eligible improvements benefiting residential properties with direct access to the improved segments of Stanhope Terrace as described below. A preliminary assessment summary is included below in Table 1. Residential Assessments: Special assessments are proposed to be levied against residential properties having direct access to improved streets. To be consistent with previous applications of the Special Assessments Policy, each residential property is proposed to be assessed using the "per lot" method. Each residential property is preliminarily proposed to be assessed at the rate of $6,733.36 per lot. Since State Statute and the City Charter do not allow for assessments to exceed the benefit to the property, staff requests Council authorization to order a benefit appraisal consultation for this project in accordance with the City's Special Assessment Policy. The Preliminary Assessment Map and Roll are included in Appendix B. Feasibility Report Stanhope Terrace Reconstructions City of Ramsey Project No. 18-00 Page 11