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2001 Street Program Financing <br /> <br />Funding Source Seals Overlays Total <br />MSA Funds 82,680 246,223 328,903 <br />City Contributions 53,678 95,821 149,499 <br />Assessments 53,678 95,822 149,499 <br />Escrows 17,451 0 17,451 <br />Total 207,487 437,866 645,352 <br /> <br />In preparing the 2002 program, a major update of the City's street inventory was required. This <br />inventory has a listing of nearly 1,000 individual street segments, each containing information on <br />construction and maintenance history. Once the changes have been entered into the data base, a <br />five-year projection of future street maintenance funding needs will be presented to the <br />Committee. This is anticipated for the February 2002 Public Works meeting. <br /> <br />Assessment Policy <br /> <br />A significant amount of the financing associated with the Street Maintenance Program is <br />obtained through special assessment and a review of the City's assessment policy should be <br />conducted. Attached is a copy of City Code 4.50.01 which contains the assessments policy. <br />Unfortunately, the wording of this section of code is not very clear. For example: <br /> <br />Subdivision 1. (a) 1. does not specify what cost is being assessed 50%, an overlay or a <br />sealcoat. <br /> <br />Subdivision 1 references "existing platted area", Subd. 2. references "new development, <br />Subd. 2. references sealcoating, and Subd.4. maintenance. One might argue an unplatted <br />parcel is not subject to this part of the code. <br /> <br />Subdivision 1. (b) 3. refers to MSA street when the section deals with residential streets. <br /> <br />It would appear re-codification of this section of code would be in order. This might be <br />considered to be accomplished before the program is ordered in May, 2002. <br /> <br />I have drafted a listing of the assessment policies that are currently in use. A discussion of <br />formalizing these into a financing policy or modifying them can be made at a later date. <br /> <br />Committee Action: <br /> <br />The Committee should direct the preparation of a feasibility study for the 2002 Street <br />Maintenance Program. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Director of Public Works <br />Finance Officer <br /> <br />PW: 01/15/02 <br /> <br /> <br />