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CCP 12-26-1995
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CCP 12-26-1995
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<br /> I <br /> I Alternate 2 <br /> {' Estimated Seal Coat Project Cost $23,000 <br /> Estimated Alternate No.2 Bituminous Overlay Cost $79,000 <br /> I Estimated Fernwood A venue Project Cost $305,000 <br /> I Estimated Alternate No.2 Reconstruction Cost $314,000 <br /> TOTAL $721,000 <br /> I PROJECT FINANCING <br /> I Seal Coat Financing <br /> I The City's current assessment policy states that the application of a bituminous seal coat is a <br /> maintenance procedure that is funded by the City. The estimated cost to the City for the seal <br /> coating portion of the 1996 Street Improvements Project is approximately $23,000. <br /> I Overlay Financing <br /> Ie As outlined in the City's Assessment Manual, 50 percent of the total project cost of a bituminous <br /> overlay project may be assessed to all properties with frontage abutting a street to be overlaid. <br /> I The assessment rate is calculated by determining the front footage of properties abutting the <br /> overlay projects and dividing that length into one-half of the cost of the overlay portion of the <br /> project as follows: <br /> I Overlay Assessment Calculations <br /> I Item Alternate 1 Alternate 2 <br /> Estimated Bituminous Overlay Cost $94,000 $79,000 <br /> I Estimated Assessable Amount (50% of Residential Street Cost) $47,000 $39,500 <br /> I Total Front Footage to be Assessed (divided by) 9,200 7,800 <br /> Estimated Overlay Assessment Rate (Residential) $5.11/FT $5.06/FT <br /> I Based upon the assessment calculation presented above, the City's share of the bituminous overlay <br /> I portion of the 1996 Street Improvements Project is estimated at $47,000 for Alternate NO.1 and <br /> $39,500 for Alternate No.2, based upon City assessment policy. <br /> t' This assessment rate is established by City Council resolution. <br /> I FEAS-520.068 -7- 520'{)68-1O <br />
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