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

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conveyed to the wetland wh'~h i~IoC~tCd!s0Uth of 164th Lane and east of Sapphire Street. Figure 2 illustrates the prop0~eddra~age patterns including curblines, spillways, ditches and culverts. It should l~e n4~ed that 1~42} Sapplfire street has a mound septic system which is located at least parfi~allY Witl~in=the right of way of Sapphire Street. The proposed drainage plan ehrmnates the~need for a iditchsectmn past this locatmn to avmd conflmt with this system. This project does not anticiP!!te the co~eCti0n of private driveways to the new bituminous roadway. The cO~t of this/:°nneotion, if desired, will be the responsibility of the individual property own¢i's. Wher~ i~i's n~ecessary to remove existed driveways for the installation Of culverts or to ~c°mm0date a transition to the new roadway, such driveways shall be~neatly saw cut and i'ePlaCed with like material as a portion of the project cost. Disturbed turfed areas shall be ~restored with fertilizer, seed and mulch. ESTIMATED COSTS · The estimated costs of this Ptojeet are d~-tailed.in Appendix B. In addition to the estimated construction costs ~/n additions125o/o has been included to cover the overhead cost associated with this project. Thes~ ¢o.Sts include; engineering design 8%; project adnfinistration 5%; bonding and legal 2~%; inspection and testing 5%; and 5% for contingencies. FINANCING It is proposed to finance one half (50%) 6f~the total project cost,-$70,507 though special assessments to the benefitedproperties}adjacent to the improved streets consistent with Mim~esota State Statutes 429!and City 0f'Ramsey Code Chapter 4. The remaining 50%, or $70,507 o f the project wili~be f'manc~d~ With City of Ramsey general tax funds. The assessed portion of the projeCt'.coStsha!Ibe equally assessed among the benefited 19 properties listed in Appendix C-This W~ould result in an assessment of $3,711 per property. If a property owner 'Would elect to have this assessment collected over a ten year period at an estimated interest rate!of 6.5%, annual payments would range from $675 to $395 over this ten ye~ pedOd~ ltShould be noted that five of the 19 properties are owned by two property oWners and ~eir hssessments would be multiples of the above values. The project will have a final ~abulation made: on actual project costs consistent with the methodology described in this ~ep0rt.. A public hearing will be held identifying the actual costs to be recovered by spe~al aSseSSment, i Each property may, at any time prior to certification of the assessment io the cdtmty ~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 30 daYs from i the adoption of the assessment resolution. Special assessments reported it~o An0~ Com)tY shall be payable over a ten year period with interest at a rate of two percent (2%). above the U.S. Treasury rate at the time of the special assessment hearing.