CCP 12-26-1995 - Laserfiche WebLink

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- Alternate 1 -. Estimated Seal Coat Project Cost $26,000 Estimated Alternate No. 1 Bituminous Overlay Cost $65,500 - - ESlimated Fernwood Avenue Project Cost $305,000 - Estimated Alternate No. 1 Reconstruction Cost $460,500 - TOTAL $857,000 - I Alternate 2 I Estimated Seal Coat Project Cost $26,000 Estimated Alternate No.2 Bituminous Overlay Cost $88,000 I Estimated Fernwood A venue Project Cost $305,000 Estimated Alternate No.2 Reconstruction Cost $314,000 I TOTAL $733,000 I PROJECT FINANCING Ie Seal Coat Financing I The City's current assessment policy states that the application of a bituminous seal coat is a maintenance procedure that is funded by the City. The estimated cost to the City for the seal coating portion of the 1996 Street Improvements Project is approximately $26,000. I Overlay Financing I As outlined in the City's Assessment Manual, 50 percent of the total project cost of a bituminous overlay project may be assessed to all properties with frontage abutting a street to be overlaid. I The assessment rate is calculated by determining the front footage of properties abutting the overlay projects and dividing that length into one-half of the cost of the overlay portion of the project as follows: I Overlay Assessment Calculations I Item Alternate 1 Alternate 2 Estimated Bituminous Overlay Cost $65,500 $88,000 I Estimated Assessable Amount (50% of Residenlial Street Cost) $32.750 $44,000 Total Front Footage to be Assessed (divided by) 6,140 8,900 -- Estimated Overlav Assessment Rate (Residential) $5.33/FT 54.94/FT I FEAS-520.068 -7- 520-068-10