CCP 12-26-1995 - Laserfiche WebLink

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I ~ Management program fund. Based upon this proposed assessment rate, it is not anticipated that any general revenue sources will be needed to fund the project. Water and sewer utilities have not yet been evaluated to determine repair or replacement needs. Any work completed in these areas would be funded from the City's Sewer and Water Utility funds. Repairs or relocations due to significant changes in street grades may make this work I eligible for State Aid funding, as well. I Alternate No. 1 and Alternate No.2 Reconstruction Financing The remaining streets proposed for reconstruction are not eligible for State Aid since they are I residential in nature. They will be funded through City contributions and assessments to the abutting property owners. I Since the remaining streets are located in residential areas, 50% of the total project cost will be assessed to the property owners in accordance with the City's assessment policy. Based upon the estimated costs ofreconstruction, the 50% assessment eligibility, and the approximate assessable I front footage, the assessment calculations are as follows: Residential Reconstruction Assessments I Alternate No. 1 -. Estimated Street Reconstruction Cost $460,500 Estimated Assessment Amount (50% of Residential Slreet) $230,250 I Total Front Footage to be Assessed (divided by) 7,100 Estimated Reconstruction Assessment Rate (Residential) $32.43/FT I Alternate No.2 Estimated Street Reconstruction Cost $319,000 I Estimated Assessment Amount (50% of Residential Street) $159,500 Total Front Footage to be Assessed (divided by) 4,970 I Estimated Reconstruction Assessment Rate (Residential) $32.09/FT I Again, the [mal assessment rate will be established by City Council resolution at a later date. The table presented below outlines the costs and funding sources for each alternate and each I portion of the project. I t' I FEAS-520.068 -9- 520-068-10 -