Agenda - Council - 05/10/2005 - Laserfiche WebLink

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FIN:~.NCING In addition to construction cost, overhead charges of twenty-two percent (22%) will be applied to cover the fbi]owing services: Engineering and Inspection City Staff Administration Bonding and Legal Contingencies 10% 5% 2% 5% It is the City's policy to assess property owners fifty percent (50%) of the total project cost of the improvements for projects associated with the annual street maintenance pro~am. Properties are assessed equally regardless of fi'ont footages or property size, since comer lots and cul-de-sac Iots~ which are common within the City, would receive widely disparate assessments. Since projects are generally classified by subdivisions which have similar characteristics and lot sizes, it is ~'clt that there is a fair apportionment of project costs when assessed equally within the imtividuat subdivisions. Ta. bl~~. 5 contains the distribution 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 actual costs to be recovered by special assessment. Each- property may, at any time prior to certification of the assessment to the 'County Auditor, pay the whol~ of the assessment on such property, with interest, except that no interest shall be charged iF the entire assessment is pa'id within 30 days from the adoption of the assessment resolUtion. Special assessments reported to Anoka County shall be payable over a three-year period for ,qealcoating projects, and over a ten-year period for bituminous overlaying projects, with interest at ~ rate of two percent (2%) above the U.S. Treasury rate at the time of the special assessment hearing. PROJECTED PROJECT SCHEDULE .,5 schedule for the milestones associated with this project is presented in Table'6.. -155-