|
<br />
<br />practices, which states that 70% of the costs for roadway improvements will be assessed in
<br />commercial/industrial areas, with the remaining portion financed by City funds. Financing for
<br />the project is consistent with City policy and past practices and is summarized in the table below.
<br />The project costs include engineering and overhead costs as outlined in the Assessment Policy.
<br />
<br />Funding
<br />Funding
<br />Construction Overhead Total
<br />Construction Overhead Total
<br />Source
<br />Source
<br />Street $1,211,778 $448,358 $1,660,136
<br />Street $1,211,778 $448,358 $1,660,136
<br />Storm Sewer $276,370 $74,619 $350,989
<br />Storm Sewer $276,370 $74,619 $350,989
<br />Water $278,457 $75,183 $353,640
<br />Water $278,457 $75,183 $353,640
<br />Lighting $120,481 N/A $120,481
<br />Lighting $120,481 N/A $120,481
<br />Total $1,887,086 $598,160 $2,485,246
<br />Total $1,887,086 $598,160 $2,485,246
<br />
<br />The calculation of the amount to be assessed as approved by Council Resolution 2014-023 and is
<br />shown below. Also, the Council established that the interest rate would be 4.60% and the term
<br />would be ten years.
<br />
<br />Item Calculation Result
<br />
<br />70% of street
<br />$1,211,778 *0.7 $848,244
<br />construction
<br />Add 37%
<br />$848,244 x 1.37 $1,162,095
<br />Overhead
<br />45% of Storm
<br />$276,370*0.45 $124,366
<br />construction
<br />Add 27%
<br />$124,366 x 1.27 $157,945
<br />Overhead
<br />Total Assessable $1,162,095 + $157,945 $1,320,040
<br />Assessment Rate 1,320,040 / 6,902.13 $191.25
<br />
<br />The full detailed assessment notice as mailed to each of the property owners is attached.
<br />
<br />On Thursday, May 8, 2014, staff received a formal objection from the property at 1777 Gateway
<br />Boulevard, Arden Towers, Inc. A copy of the objection is attached. This is the parcel at the east
<br />end of Gateway Boulevard that contains a communication tower. In fact, Arden Towers, Inc.
<br />owns two adjacent lots in this area; one vacant and the one with the tower. Since all developed
<br />lots are proposed to be assessed with this project and vacant parcels were not, staff included the
<br />parcel with the tower in the assessment but not the vacant Arden Towers parcel. Staff will be
<br />looking for direction regarding the formal objection for the parcel at 1777 Gateway Boulevard.
<br />
<br />Any additional written objections received prior to Monday evening will be provided to the City
<br />Council at the assessment hearing.
<br />
<br />23
<br />Page of
<br />
<br />
|