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Feasibility Report TKDA Project No. 18196.000 <br />City of Arden Hills Page 12 <br /> <br />the neighborhood and is not intended for regional use. The improvement cost is assessed on a unit <br />basis to the benefiting properties as per the Assessment Policy adopted by the Arden Hills task <br />force in 2004, and as amended. Due to the lower density of homes within the neighborhood and <br />the parks centralized location, the assessments for the improvements are above average compared <br />to other recent assessments for similar work in the city. See Exhibit 5 for the preliminary <br />assessment roll and Exhibit 6 for the preliminary assessment map. <br /> <br />Assessment Calculation and Estimation: <br />The assessable amount is divided by the number of units within the project area; each lot shall <br />count for 1 unit. The preliminary assessment calculation is derived from taking the overall <br />assessable project costs, multiplying by 50%, and then dividing by the number of units within the <br />project area. The units are shown in the Arden Oaks Neighborhood preliminary assessment roll <br />and include a total number of 40 units. Below is the calculation for the assessments for both project <br />options. Table 3 displays the assessment calculation and estimation: <br /> <br />Table 3: Assessment Calculation <br />Option 1 – Full Depth Reclamation <br />Total Project Cost $ 583,000 <br />Assessable Amount $ 524,800 <br />Assessment (50% of Assessable Amount) $ 262,400 <br />Single Family Dwelling Units 40 Units <br />Unit Assessment (Assessable amount/ 40 Units) $ 6,560 /Unit <br /> <br />Option 2 – Mill and Overlay <br />Total Project Cost $ 396,000 <br />Assessable Amount $ 354,000 <br />Assessment (50% of Assessable Amount) $ 177,000 <br />Single Family Dwelling Units 40 Units <br />Unit Assessment (Assessable amount/ 40 Units) $ 4,425 /Unit <br /> <br />Funding Sources: Funding sources for this project are proposed to come from municipal levy, <br />assessments, and utility funds. Table 4 summarizes the funding sources for the two project <br />options: <br /> <br />Table 4: Project Funding <br />Funding Breakdown Option 1 – Full Depth Reclamation Amount <br />Permanent Improvement Revolving Fund (PIR) $263,007 <br />Special Assessments $262,400 <br />Utility Fund – Storm Sewer Fund $ 42,100 <br />Utility Fund – Sanitary Sewer Fund $ 12,382 <br />Utility Fund – Water Fund $ 3,111 <br />TOTAL $583,000 <br /> <br />Funding Breakdown Option 2 – Mill and Overlay Amount <br />Permanent Improvement Revolving Fund (PIR) $177,599 <br />Special Assessments $177,000 <br />Utility Fund – Storm Sewer Fund $ 25,908 <br />Utility Fund – Sanitary Sewer Fund $ 12,382 <br />Utility Fund – Water Fund $ 3,111 <br />TOTAL $396,000 <br /> <br />DRAFT REPORT <br />7-8-2021