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Page 2 of 2 <br /> <br /> <br />This project has financial implications for the City including the following: <br /> <br />1. assessments levied in accordance with the Assessment Policy <br /> <br />2. use of Permanent Improvement Revolving (PIR) Funds for the portion of the street <br />improvement not assessed <br /> <br /> <br />3. use of Utility Enterprise Fund monies to pay for the repairs needed to the existing utility <br />systems and expansion of the storm water system <br /> <br />The following table shows the funding sources for both the reconstruction and reclamation <br />alternatives. <br /> <br />Fund Alternative 1 <br />Reconstruction <br />Alternative 2 <br />Reconstruction <br />Water Main Enterprise Utility $ 637,000 $ 637,00 <br />Sanitary Sewer Enterprise Utility $ 88,920 $ 88,920 <br />Surface Water Management Utility $ 422,500 $ 312,000 <br />PIR/Assessments $2,815,350 $1,927,790 <br />TOTAL $3,963,770 $2,965,510 <br /> <br />The Feasibility Report details two alternatives for improving the streets in this area; <br />reconstruction with concrete curb and gutter and reclamation of the existing bituminous surface. <br />The Council retains the ability to choose either alternative as the project progresses to the Public <br />Hearing. <br /> <br />Attached is Resolution 2014-061 which receives the feasibility report and orders the public <br />hearing be held on January 12, 2015. Staff would recommend adoption of the resolution in order <br />to have this project proceed to a public hearing. <br /> <br />Attachments <br /> <br />Attachment A: Feasibility Report <br />Attachment B: Resolution 2014-061 <br />