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Feasibility Report TKDA Project No. 18196.000 City of Arden Hills Page 13 With a total estimated bond issue of $525,407 for full depth reclamation (option 1), the assessed amount of $262,400 would be equivalent to 50% of the total bond issue. For the mill and overlay (option 2), the bond issue would be $354,599 and assessments of $177,000 would also be equivalent to 50% of the total bond issue. Minnesota Statutes Chapter 429 Special Assessment Bond Issue requires that a minimum of 20% of the total bond issue amount be recovered through special assessments. Preliminary Project Schedule: Table 5 outlines a project schedule to substantially complete the assessable project in 2022: Table 5: Preliminary Project Schedule Activity Date Authorize Preparation of Feasibility Report April 26, 2021 City Council Work Session July, 19, 2021 Accept Feasibility Report July 26, 2021 Public Hearing / Order Improvements August 23, 2021 Accept Plans and Specifications and Authorize Bidding January, 2022 Bid Opening February, 2022 Accept Bids and Authorize Assessment Hearing March, 2022 Assessment Hearing / Adopt Assessment Roll / Award Contract April, 2022 Commencement of Construction May, 2022 Substantial Completion of Construction September, 2022 Certify Assessments to County November, 2022 Warranty Inspection June, 2024 Conclusion and Recommendation: It is recommended that a full depth reclamation project for the Arden Oaks neighborhood be completed. Full Depth Reclamation will produce a uniform stable long lasting roadway for the residents of Arden Oaks as well as reduce short-term maintenance. The total estimated cost of the recommended improvements is $583,000. A portion of this project is proposed to be assessed to the benefiting property owners and the remainder through other funding sources. In accordance with the City’s Assessment policy, the preliminary assessment for the recommended improvement is calculated at $6,559 per unit. As the project is designed and competitively bid, the calculated assessment amount will be updated leading up to the adoption of the assessment roll. A 15% Street Improvement Plan is located in exhibit 8. The improvements are necessary to allow for safe and reliable street and utility services within the Arden Oaks neighborhood. The project will be competitively bid to allow for a cost effective improvement. The feasibility study has provided an overall analysis of the feasible improvements for consideration within this neighborhood. Therefore, the proposed improvements within the Arden Oaks neighborhood as outlined in this report are necessary, cost effective, and feasible from an engineering standpoint. DRAFT REPORT 7-8-2021