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04-13-15-WS
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04-13-15-WS
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<br /> <br /> <br />City of Arden Hills <br />City Financing and Fee Structure – TCAAP Public Improvements <br />April 13, 2015 <br />Page 2 <br /> <br /> <br />dedication fees paid by the future property owners/developers (policy yet to <br />be established). <br /> <br />c. The trunk utilities associated with the Spine Road will cost approximately $2.4 <br />million. Per the JDA, the City will issue bonds for the project and the bonds <br />will be repaid by special assessments levied against the property. We have <br />assumed a 10-year debt issue to closely mirror the timing of the majority of <br />land sales. However, the term and structure will be revised to accommodate <br />the County’s needs for the financing since they will be required to pay the <br />assessments until land is sold. <br /> <br />d. The new water tower and booster station will cost approximately $5.9 millio n. <br />It is anticipated that the City would issue bonds to pay for the improvements <br />and for modeling purposes we have assumed a 15-year debt issue to closely <br />mirror a longer time frame for land sales and development of the commercial <br />property. The bonds will be repaid from increased WAC charges that will be <br />paid as development commences (these will be determined through a utility <br />rate study). <br /> <br />e. The County is paying 100% of the costs associated with the storm water <br />ponding. They will be reimbursed for these costs through land sale proceeds, <br />assessments or a fee they impose on the property. If the City desires to have <br />a fountain or other similar amenities, they will be the responsibility of the City <br />to pay for (would be paid through utility fees). <br /> <br />3. Summary of Fees (Page 3 of attachment) <br /> <br />a. Park Dedication Fees - For purposes of illustration, we have provided a fee <br />breakdown based upon the number of units in the land use plan, the “fit test” <br />and the original minimum number that was discussed a year ago. As noted, <br />the likely fee structure would have to be option #3 or #4 because the per unit <br />rate charged to a housing unit in options #1 and #2 are not competitive within <br />the market place and place an undue burden on the housing developers (this <br />is why those options have an X through them). <br /> <br />b. SAC Fees – The City will collect the SAC Connection Credit (typically paid to <br />the Met Council) and retain it for use as appropriate within its utility fund <br />and/or can utilize it to assist with paying for park improvement costs or other <br />improvements the City deems appropriate. Estimates for these fees from the <br />development range from $4.3 million to $4.8 million (difference is in the range <br />of housing units constructed). In addition, it will also need to update the fee <br />structure for the City SAC fee (TBD through the utility rate study).
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