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08-14-23-R
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08-14-23-R
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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 />3 — Estimated <br />Funding Source <br />Funding <br />BreakdownTable <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 />Prepared by: Bolton & Menk, Inc. <br />2024 PMP Street & Utility Improvements I OT1.130168 <br />ASSESSMENTS AND FUNDING <br />Page 11 <br />
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