06-23-25-SWS - Laserfiche WebLink

Home Browse Search

Prepared by: Bolton & Menk, Inc. 2026 PMP Street & Utility Improvements ǀ 25X.137753 Page 19 Industrial Reclamation Areas 70% Estimated Street Project Costs = $280,000 Residential Equivalent Units = 334 Assessment Rate = $840 To ensure the calculations resulting from the application of the City’s assessment policy are in line with an appraiser’s opinion of benefit to the properties in each improvement/zoning category, the City enlisted the services of Nagell Appraisal & Consulting to conduct a general benefit appraisal on the properties throughout the project area. The general benefit appraisal is included in Appendix D. The general benefit appraisal resulted in a range of benefit values for each improvement/zoning category, as indicated below: Residential Mill & Overlay Areas Benefit Appraisal Assessment Rate Range = [IN PROGRESS] Residential Reclamation Areas Benefit Appraisal Assessment Rate Range = [IN PROGRESS] Industrial Reclamation Areas Benefit Appraisal Assessment Rate Range = [IN PROGRESS] [SUMMARIZE RESULTS OF BENEFIT APPRAISAL AND HOW IT RELATES TO CALCULATED ASSESSMENTS ONCE COMPLETED] See Figure 2 through Figure 4 in Appendix A for the assessable properties map that correlates with the parcel numbers on the preliminary assessment roll. The project costs for the remaining street costs and for the storm sewer, sanitary sewer, watermain, trails, and Karth Lake improvements will be the cost responsibility of the City. Proposed project funding sources are a combination of the City’s Permanent Improvements Revolving (PIR) fund, utility funds, special assessments for street improvements, possible grant funds if grant applications are successful, and the potential for KLID participation. The proposed project assessments and funding summary are based on preliminary estimated project costs for the recommended base project improvements. These costs may be revised at the time of the final assessment hearing depending on the final design of the project, required right- of-way and/or easements, soil conditions, bids received, and actual work performed. The assessments are proposed to be assessed over a 10-year period at an interest rate to be set by the City Council. A summary of the funding breakdown, exclusive of design alternates/options, is presented in Table 4 below. Table 4 – Estimated Funding Breakdown Funding Source Project Total Cost PIR Fund $1,110,000 Assessments $931,000 Utility Fund – Sanitary Sewer $186,000 Utility Fund – Water $467,000 Utility Fund – Surface Water Management $395,000 Total $3,089,000 DRAFT