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CCP 12-26-1995
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CCP 12-26-1995
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5/8/2007 1:10:46 PM
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<br /> I <br /> I funds. Repairs or relocations due to significant changes in street grades may make this work <br /> {' eligible for State Aid funding, as welL <br /> Alternate No. 1 and Alternate No.2 Reconstruction Financing <br /> I The remaining streets proposed for reconstruction are not eligible for State Aid since they are <br /> residential in nature. They will be funded through City contributions and assessments to the <br /> I abutting property owners. <br /> Since the remaining streets are located in residential areas, 50% of the total project cost will be <br /> I assessed to the property owners in accordance with the City's assessment policy. Based upon the <br /> estimated costs of reconstruction, the 50% assessment eligibility, and the approximate assessable <br /> front footage, the assessment calculations are as follows: <br /> I Residential Reconstruction Assessments <br /> I Alternate No.1 <br /> Estimated Street Reconstruction Cost $389.000 <br /> I Estimated Assessment Amount (50% of Residential Street) $194,500 <br /> Total Front Footage to be Assessed (divided by) 6,060 <br /> Ie Estimated Reconstruction Assessment Rate (Residential) $32.10/FT <br /> Alternate No.2 <br /> I Estimated Street Reconstruction Cost $314,000 <br /> Estimated Assessment Amount (50% of Residential Street) $157,000 <br /> I Total Front Footage to be Assessed (divided by) 4,970 <br /> Estimated Reconstruction Assessment Rate (Residential) $31.59/FT <br /> I Again, the final assessment rate will be established by City Council resolution at a later date. <br /> I The table presented below outlines the costs and funding sources for each alternate and each <br /> portion of the project. <br /> I <br /> I <br /> I <br /> t' <br /> I FEAS-520.068 -9- 520-068-10 <br />
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