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<br /> I <br /> I recommends that the City complete the seal coat projects with City funds as a routine maintenance <br /> t' procedure. It also recommends that the bituminous overlay and residential street reconstruction <br /> portions of the project be funded through the assessment of 50 % of the project cost to benefitting <br /> property owners, while the City finances the remainder of the cost. <br /> I The Femwood A venue portion of the project and other street reconstruction would be financed <br /> utilizing various funding options including assessments to benefitting property, Municipal State <br /> I Aid, and Surface Water Management funds. It is estimated that $300,000 of project costs will <br /> be eligible for State Aid funding. <br /> I The estimated cost of the seal coat portion of the project is $23,000. This will be paid for by the <br /> City's Pavement Management Fund. The City has budgeted approximately $150,000 for street <br /> maintenance, leaving $127,000 to fund the overlay and reconstruction portions of this project. <br /> I The estimated project cost to the City for Alternate No.1 is $788,000 (not including seal coating). <br /> In addition to the $127,000 remaining in the Pavement Management Fund, the City would obtain <br /> I funding through assessments (approximately $455,000), State Aid ($300,000), and from available <br /> City Utility Funds (up to $1l0,000). Therefore, the City has approximately $1,015,000 available <br /> I to fund the project with an estimated total project cost of $811,000. <br /> The estimated project cost to the City for Alternate No.2 is $698,000 (not including seal coating). <br /> Ie Available funding includes the $127,000 remaining in the City's Pavement Management Funds <br /> and up to $110,000 from City Utility Funds. In addition to this, approximately $410,000 would <br /> be obtained through property assessments and $300,000 in State Aid funds could be used. This <br /> I leaves the City with approximately $970,000 available to fund the project with an estimated total <br /> project cost of $721,000. <br /> I The project would be completed in accordance with the project schedule presented on page ll, <br /> to be complete by late August 1996. <br /> I The 1996 Street Improvements Project is technically feasible from an engineering standpoint and <br /> meets all standards set forth by the City of Arden Hills and the State of Minnesota. <br /> I <br /> I <br /> I <br /> I <br /> t' <br /> I FEAS-520.068 -12- 520-068-10 <br />