Agenda - Council - 06/28/2005 - Laserfiche WebLink

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directive of the Public Works Committee below are two options for consideration in financing the remaining road and cul de sac cost associated with this project. Option A - City Contributes 50% of Road and Cul De Sac Costs General fund $16,871 Each property $5624 Option B - City C0ntdbutes 50% of Road and 100% Cul De Sac Costs General fund $22,088 Each property $3,885 - If a property owner would elect to have this assessment collected over a ten year period at an estimated interest rate of 6.5%, the aVerage annual payment would be $782 for Option A and $540 for Option B over this period. As stated in the costs section above, if sewer and water impacts result in additional improvements and associated costs, it is proposed that these additional costs shall be financed through other sources. Thus, the assessed cost to these benefited property owners shall be the same as those presented in this report. The project 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 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 the adoption of the assessment resolution. Special assessments reported to Anoka County 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. PROJECT SCHEDULE This project is anticipated to proceed under the regulations'of Chapter 4 of City Code and State Statutes 429 which regulate special assessment public improvement projects. A schedule for the progress of this project could follow as outlined below provided that the issues surrounding the impact of sewer and water are resolved by the. time the project is ready to be ordered: · APril 12, 2005 · May 10,2005 ,, June 28, 2005 · September 13, 2005 · January, 2006 · February, 2006 · May, 2006 Present feasibility study to City Council and Order' public hearing Open public hearing Continue and close public hearing Auth6rize project by City Council (60 days after public hearing, unless waived by all owners) Receive plans and specifications and authorize bids Receive bids and award construction contract Construct project