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

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Northfork Itasca Shores Northfork Oaks Woodland Green Totals $932.70 $750.80 $1,241.40 J11 11 31 124 $10,259.70 $8,258.80 $38,483.40 $143,531.60 This project has a total of 124 benefiting properties, resulting in a total project assessment amount of $143,531.60. Each property proposed to be assessed has its primary access onto an improved street section. The assessment amounts preliminarily adopted by Council are shown in the attached Feasibility Report. Attached are copies of the final assessment maps and rolls for this project. The City's Special Assessments Policy calls for special assessments to recover 25% of eligible street reconstruction and overlay improvement costs. On this project, all project costs are eligible for assessments. The final assessments as proposed recover 25% of eligible project costs. Special assessments are calculated using methods resulting in reasonable and equitable distribution of assessments that are uniform upon the same class of properties within the assessable area. The test for determining the validity of a special assessment is whether the improvement for which the assessment was levied has increased the market value of the property against which the assessment was levied in at least the amount of the assessment. The City's Special Assessments Policy identifies three optional methods for calculating assessments; adjusted front footage, area, and per lot. Because each assessable property generally received the same benefit from the project improvements in each of the project areas, assessments are proposed to be spread equally among benefiting properties in each project area using the "per lot" method. The proposed final assessments conform to the requirements set forth in Minnesota Statutes Chapter 429, Chapter 8 of the City Charter, applicable City code, and the City's adopted Special Assessments Policy. Attached are copies of Minnesota Statutes Chapter 429, the City's adopted Special Assessments Policy, and Chapter 8 of the City Charter that provides additional controls on the use of special assessments for public improvements within the City of Ramsey. Final assessments for this project are proposed to carry a 10-year term at an interest rate of 5.22%. A schedule of payments showing annual payments including principal and interest is included on page 3 of the attached Assessment Hearing Notice. At the time this case was published one deferral request had been received for this project. The Special Benefit Consultation report completed for this project by the firm of Patchin Messner Dodd & Brumm anticipates that benefiting properties will be enhanced in value per project area as follows; Project Area (Development Name) The North Forty 2nd The North Forty 3rd Northfork 2nd & 3rd Northfork Northfork Itasca Shores Northfork Oaks Woodland Green Final Per Lot Assessment $856.50 $1,425.20 $1,395.90 $958.40 $932.70 $750.80 $1,241.40 Minimum Enhanced Value $1,800 1$1,800 $2,000 $2,000 $2,200 $2,200 $1,800 Maximum Enhanced Value $2,000 $2,000 $2,200 $2,200 $2,400 $2,400 $2,000 Since the proposed final assessments are less than the minimum enhanced values in each project area Staff believes the proposed final assessments are defendable. A copy of the Special Benefit Consultation report is not attached to this case but will be available at the Assessment Hearing. Recommendation: