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07-24-23-R
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07-24-23-R
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7/24/2023 6:10:07 PM
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<br />Prepared by: Bolton & Menk, Inc. ASSESSMENTS AND FUNDING <br />2024 PMP Street & Utility Improvements ǀ 0T1.130168 Page 11 <br />The assessment policy indicates “the City Council shall retain the right to review each project on its <br />own merit and to deviate from any portion of the Assessment Policy Manual, as it deems proper. <br />These deviations may occur in unique situations or where application of the policy produces unfair <br />or undesirable results. The residential equivalent assessment rate shall be determined by the City <br />Council.” <br />See Figures 4 and 5 in Appendix A for the assessable properties map that correlates with the parcel <br />numbers on the preliminary assessment roll. <br />The project costs for the remaining street costs and for the storm sewer, sanitary sewer, watermain, <br />trail, and pond improvements will be the cost responsibility of the City. Proposed project funding <br />sources are a combination of the City’s Permanent Improvements Revolving (PIR) fund, utility <br />funds, and special assessments for street improvements. <br />The proposed project assessments and funding summary are based on preliminary estimated project <br />costs for the recommended improvements. These costs may be revised at the time of the final <br />assessment hearing depending on the final design of the project, required right-of-way and/or <br />easements, soil conditions, bids received, and actual work performed. The assessments are <br />proposed to be assessed over a 10-year period at an interest rate to be set by the City Council. <br />A summary of the funding breakdown is presented in Table 3 below. <br />Table 3 – Estimated Funding Breakdown <br />Funding Source Project Total Cost <br />PIR Fund $900,700 <br />Assessments $735,500 <br />Utility Fund – Sanitary Sewer $167,300 <br />Utility Fund – Water $219,600 <br />Utility Fund – Surface Water Management $978,000 <br />Total $3,001,100
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