CCP 12-26-1995 - Laserfiche WebLink

Home Browse Search

I I Alternate 2 {' Estimated Seal Coat Project Cost $23,000 Estimated Alternate No.2 Bituminous Overlay Cost $79,000 I Estimated Fernwood A venue Project Cost $305,000 I Estimated Alternate No.2 Reconstruction Cost $314,000 TOTAL $721,000 I PROJECT FINANCING I 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 $23,000. I Overlay Financing Ie 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 $94,000 $79,000 I Estimated Assessable Amount (50% of Residential Street Cost) $47,000 $39,500 I Total Front Footage to be Assessed (divided by) 9,200 7,800 Estimated Overlay Assessment Rate (Residential) $5.11/FT $5.06/FT I Based upon the assessment calculation presented above, the City's share of the bituminous overlay I portion of the 1996 Street Improvements Project is estimated at $47,000 for Alternate NO.1 and $39,500 for Alternate No.2, based upon City assessment policy. t' This assessment rate is established by City Council resolution. I FEAS-520.068 -7- 520'{)68-1O