Laserfiche WebLink
T�-exempt P'roperties <br />The assessxnent policy states that iax-�xerr�pi prQperties �e �a b� assessed based on I i]Q% af <br />the bii�uninous averlay, plus asscreiaied o�erhead cc�sts. The tax-exempt �q�ivalent <br />assessment rat� shall be set by t�e City Caw7cil. Fr�r the purpases e�f deierminin� this rate, <br />sta.ff has con�er�ed Tax-exempt Equi�a�ent Units (TEU} to Residential E�ui�alent Units <br />(REU} as deseribed below. <br />Qne p�rcel in the prs��ect, 3S8$ Snelling A�enue, is City-ow�aed. For discusszon purposes, <br />City staff is pro�osing tha� this ta�c-exempt property is includ�d in the Prelirninary <br />Asses�tncnt RQII with one (1} F.Ells. Howe�er, in past practice, the �ity Cauncil has �ated tca <br />n�t a�sess City-aw�aed parcels. <br />Re�er to the Appendix for the 1lssessment Figure and the Preliminary Assessment Rc�ll. <br />Propc�sed De�riatic�ns and Assessm�r�t Rates <br />The City Council can ehoose ta base �he assessrnent on actual cantract prices or on the e�timated <br />pr�ccs in this RepQrt. Esfianated constr�ction �asts are estimaies only, alfl �af the fac�ors th�.t affect <br />cc�nstruction priees cannot b� pred'actcd. If the assessments ar� based an estimated constructior� <br />easts, there is a poss�b�l�ty of o�er-assessin� resadcnts if the bid prices c�me in lower ihan <br />anticipated. If hids cr�rr�e in higher than antiei�ated, the City will end up payin� for �. lar�er <br />portir�n Qf the praject than �stirnated. Therefore, it is r�camrr�ended that the assessmer�t rates be <br />se� hased on actual competitiVe 6id pr�ces with reasc�naiale ce��tingencies. T�e praposed project <br />sc�edule will atlow fvr the assessrnent hearing to take pla�e ���ior ta canstructivn af bi� prices are <br />used. <br />A�aplying the Palicy as written, patential assessments for a reclamation praject could he <br />apprfl�irnately, $T 7,75� per I�EU. With the law number �f assessahle units alc�ng the roadway, <br />ihe City may �ansider modificatipn ta t�e �aalicy to determir�e a fair and equitabl� methcad for <br />asse�sing tkae project. In recent years, �he Gity has assessed single-family residential properties <br />approxirriately $3,5Q0 for bituminous reclatnation praj�ets. The ra�e cauld be adluste€� far <br />infla�ian based on �h� Cor�siru�tian Cast Ind�x (CCI). This rate is tracked by Engineering News <br />Record and is �urrently 2.5%. I��sed on an assessment rate af $3,500 per RCLT, f.he City cauld <br />anticipate recei�in� approximately $87,5�� fram assessments. <br />The fallowing tab�e shows praject eosts broken dawn hy patential funding sources <br />�undin Saurc�e Arnaunt <br />Munici al State Aid � 1,195,20(} <br />S ecial Ass�ssmea�ts $ $7,5(�� <br />Sur�ace Wa�er Mar�a e�nent $ 4Q,5U9� <br />Brid e Bond kund $ 158,0[l0 <br />Pro'ect Tot�l $ 1,�81,34Q <br />g <br />