Agenda - Council - 03/08/2005 - Laserfiche WebLink

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FINANCING In addition to construction cost,: overhead charges of twenty-two percent (22%) will be applied to cover the following services: l~ngineering and ilnspec, ti0n 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 fbr projects associated with the'annual street maintenance program. Properties are assessed equally regardless of fi~ont footag,es or property size, since comer tots and cul-de-sac lots, which are cormnon within;the City, wOuld.receive widely, disparate assessments. Since projects are generally classified iby Subdivision~s .which have similar characteristics and lot sizes, it is felt that there is a fair app0ftionmen[ °fproject costs when assessed equally within the individual subdi visions. Table 5 contains the distributio~n 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 consistent With the methodology described in this report. A public hearing will be held identifying the actfal Costs t6 be recovered by special assessment. Each property may, at any time prior)co certifi~cation of the assessment to the County Auditor, pay the whole of the assessment on such property; with interest, except that no interest shall be charged if the entire assessment is paid>within 3:0days from the adoption of the assessment resolution. Special assessments reported to Anoka:Coufity shall be payable Over a three-year period for sealcoating projects, mad over g ten-yearperiod 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 SCItEDULE ~ A schedule ~:or the milestones associated ,with this project is presented in Table 6. ,3