Agenda - Council - 02/13/2007 - Laserfiche WebLink

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This unit cost represents a 25% increase over the bid prices received for overlays in 2006. Other overlay project costs elements include the milling of existing bituminous pavement. This milling • allows the new overlay to blend into the adjacent pavement with a neat even seam. The cost of pavement milling is estimated at $6.88 per square yard. Where no curbs are present shouldering as described above will be necessary at an estimated cost of $0.47 per centerline foot. FINANCING In addition to construction cost, overhead charges of twenty -two percent (25 1 /o) will be applied to cover the following services: Engineering and Inspection 10% City Staff Administration 5% Bonding and Legal 2% Contingencies 8% 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 program. Properties are- assessed equally regardless of front footages or property size since corner lots and cul -de -sac lots, 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 felt that there is a fair apportionment of project costs when assessed equally within the individual subdivisions. Table 5 contains the distribution of costs between the City and the benefited parties. A listing of benefited properties is listed in the preliminary assessment role contained in Appendix C. 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 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 three -year period for sealcoating projects, and over a ten -year period 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 SCHEDULE A schedule for the milestones associated with this project is presented in Table 6 m=