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08-14-23-R
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08-14-23-R
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TableBreakdown <br />Funding Source <br />Project Total Cost <br />PIR Fund <br />$900,700 <br />Assessments <br />$735,500 <br />Utility Fund —Sanitary Sewer <br />$167,300 <br />Utility Fund — Water <br />$219,600 <br />Utility Fund —Surface Water Management <br />$978,000 <br />Total <br />$3,001,100 <br />The total estimated cost of the recommended improvements is $3,001,100 which reflects a fairly <br />significant increase to the Surface Water Management Fund. This project will most likely cause the <br />Surface Water Management Fund to go negative in 2024, but it should be positive again in 2025, as <br />there is not a PMP project scheduled for that year. A portion of this project is proposed to be assessed <br />to the benefiting property owners and the remainder through other funding sources. In accordance <br />with the City's Assessment policy, the preliminary assessment for the recommended improvement is <br />calculated as: <br />Reclamation Areas: <br />50% Estimated Street Project Costs = $486,800 <br />Residential Equivalent Units = 86 <br />Assessment Rate $5,660 <br />Mill & Overlay Areas <br />50% Estimated Street Project Costs = $248,750 <br />Residential Equivalent Units = 69 <br />Assessment Rate = $3,605 <br />As the project is designed and competitively bid, the calculated assessment amount will be updated <br />leading up to the adoption of the assessment roll. The project funding is further described on pages 10 <br />through 12 of the Feasibility Report. <br />Attachments <br />Attachment A: Presentation Slides for Improvement Public Hearing <br />Attachment B: 2024 PMP Feasibility Report <br />Page 4 of 4 <br />
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