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CCP 12-26-1995
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CCP 12-26-1995
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<br /> I <br /> I Fernwood A venue Financing <br /> {' This portion of the 1996 Street Improvements Project may be funded through a variety of sources. <br /> The primary sources of funding for the reconstruction of Fernwood A venue will be the Municipal <br /> I State Aid monies and assessments to benefitted properties. Other potential sources for financing <br /> this project consist of the City's Surface Water Management Fund and utility maintenance funds, <br /> as required. It has been the City's policy to assess improvements to the abutting properties in <br /> I accordance with the City's assessment policy. This includes both typical residential improvements <br /> and MSAS projects. This policy allows the City to utilize its MSA dollars to the maximum extent <br /> possible in the maintenance of its 30 miles of City streets. <br /> I The City's Assessment Manual outlines the method of determining the assessment to benefited <br /> properties abutting the improvements addressed previously. The street reconstruction portion of <br /> I the Assessment Manual indicates that industrial property is assessed at a rate equivalent to 70% <br /> of the cost for the reconstruction of a typical commercial street in Arden Hills. Based upon the <br /> estimated costs of reconstruction, the 70% assessment eligibility as outlined in the Assessment <br /> I Manual, and approximately 3,570 assessable front feet of industrial frontage, the assessment <br /> calculation is outlined below. <br /> I Fernwood Reconstruction Assessment <br /> Ie Estimated Street Reconstruction Cost $305,000 <br /> Estimated Assessable Amount (70% of Commercial Street Cost) $213,500 <br /> I Total Front Footage to be Assessed (divided by) 3,570 <br /> Estimated Reconstruction Assessment Rate (Commercial) $59.80/FT <br /> I The actual final assessment rate will be established by City Council resolution at a later date. <br /> I It is anticipated that Fernwood Avenue will be placed on the City's Municipal State Aid system <br /> in early 1996. Therefore, the road would be eligible for the use of these funds for its <br /> I reconstruction. As of December 1995, the City had an MSA construction fund balance of <br /> approximately $501,000 less approximately $361,000 allocated to County Road F and Stowe <br /> Avenue in 1995. The anticipated 1996 allocation is approximately $200,000. Virtually all of the <br /> I reconstruction of Femwood Avenue would be eligible for State Aid funds, making this another <br /> source of funding for the project. <br /> I Finally, approximately $110,000 of this project cost consists of storm sewer and concrete curb <br /> and gutter improvements that would be eligible for funding from the City's Surface Water <br /> I Management program fund. Based upon this proposed assessment rate, it is not anticipated that <br /> any general revenue sources will be needed to fund the project. <br /> t' Water and sewer utilities have not yet been evaluated to determine repair or replacement needs. <br /> Any work completed in these areas would be funded from the City's Sewer and Water Utility <br /> I FEAS~520.068 -8- 520-068-10 <br />
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