CCP 12-26-1995 - Laserfiche WebLink

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I ~ Based upon the assessment calculation presented above, the City's share of the bituminous overlay portion of the 1996 Street Improvements Project is estimated at $32,750 for Alternate No.1 and $44,000 for Alternate No.2, based upon City assessment policy. This assessment rate is established by City Council resolution. I Fernwood A venue Financing I This portion of the 1996 Street Improvements Project may be funded through a variety of sources. The primary sources of funding for the reconstruction of Fernwood A venue will be the Municipal State Aid monies and assessments to benefitted properties. Other potential sources for financing I this project consist of the City's Surface Water Management Fund and utility maintenance funds, as required. It has been the City's policy to assess improvements to the abutting properties in accordance with the City's assessment policy. This includes both typical residential improvements I and MSAS projects. This policy allows the City to utilize its MSA dollars to the maximum extent possible in the maintenance of its 30 miles of City streets. I The City's Assessment Manual outlines the method of determining the assessment to benefited properties abutting the improvements addressed previously. The street reconstruction portion of the Assessment Manual indicates that industrial property is assessed at a rate equivalent to 70% I of the cost for the reconstruction of a typical commercial street in Arden Hills. Based upon the estimated costs of reconstruction, the 70% assessment eligibility as outlined in the Assessment -. Manual, and approximately 3,570 assessable front feet of industrial frontage, the assessment calculation is outlined below. I Fernwood Reconstruction Assessment Estimated Street Reconstruction Cost $305,000 I Estimated Assessable Amount (70 % of Commercial Street Cost) $213,500 I Total Front Footage to be Assessed (divided by) 3,570 Estimated Reconstruction Assessment Rate (Commercial) $59.80/FT I The actual [mal assessment rate will be established by City Council resolution at a later date. I It is anticipated that Fernwood Avenue will be placed on the City's Municipal State Aid system in early 1996. Therefore, the road would be eligible for the use of these funds for its reconstruction. As of December 1995, the City had an MSA construction fund balance of I approximately $501,000 less approximately $361,000 allocated to County Road F and Stowe Avenue in 1995. The anticipated 1996 allocation is approximately $200,000. Virtually all of the I reconstruction of Fernwood Avenue would be eligible for State Aid funds, making this another source of funding for the project. t' Finally, approximately $110,000 of this project cost consists of storm sewer and concrete curb and gutter improvements that would be eligible for funding from the City's Surface Water I FEAS-520.068 -8- 520-068-10