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Two project related issues to note are as follows. First, early in the project, during the <br />one-on-one meetings with the property owners, numerous comments were made that they <br />wanted to see the City committed to the project by way of a substantial financial <br />participation into this vital community corridor. Second, our Attorney for this project has <br />advised staff that the assessment for these types of combination street improvement and <br />streetscape pro <br />improvement project. <br /> <br />If the Council decides to make the four changes to the project as noted above, then the <br />revised financial and assessment totals are shown in Attachment B. Some of the financial <br />changes from Attachment A to Attachment B include: <br /> <br />the total project (excluding funding from Mn/DOT and Ramsey County) goes <br />from $674,556 to $684,012; <br /> <br />the City share of the total goes up from $337,278 to $406,512; and <br /> <br />the assessments to property owners go down from $337,278 to $277,500. <br /> <br />The recommended financing plan for the project includes the City paying the $684,012 <br />with MSA funds (approximately $600,000) and with PIR funds (estimated at $84,012). <br />When the assessment payments are received by the City (about $277,500 plus interest <br />over 7 years), the money would then go into the PIR fund. Using $600,000 in MSA funds <br />for part of the CR E project will require the City to obtain an interest free advance from <br />our MSA account. <br /> <br />Additional project items to note and discuss at the work session include: <br /> <br />the project does not include a sidewalk in front <br /> <br />the project does not include the closing of the western most access into the former <br /> <br /> <br />the exact assessment amount to each property will need to be adjusted slightly as <br />the development agreement for the e street flats project calls for the developer to <br />pay 100% for the sidewalk along their property (similar to the <br />requirement but they chose to install their sidewalk when they developed). <br /> <br />Attachments <br /> <br />A - Project cost/assessment chart (page 20) from the March 31, 2014 feasibility report <br />B Proposed July 28, 2014 project cost/assessment chart <br />C Connelly Street email <br />