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<br />. FlmdinE Summary <br /> The project will be funded from several sources including assessments on the commercial <br /> properties, the city general fund, MnDOT State Aid funds, the city watermain utility fund, <br /> the city storm water utility fund, excess tax increment funds and bond proceeds. Two <br /> funding scenarios are illustrated below based upon the minimum and maximum project <br /> scopes outlined in the previous section. <br /> Minimum Alternative Maximum Alternative <br /> Total Cost $1,249,085.00 $2,701,340.00 <br /> Watermain Fund $ 230,550.00 $ 230,550.00 <br /> Assessments* $ 370,500.00 $ 370,500.00 <br /> MnDDT State Aid** $ 500,000.00 $ 500,000.00 <br /> General Fund $ 148,035.00 $ 175,000.00*** <br /> Storm water Fund $ 0,00 $ 165,000.00 <br /> Remaining Portion $ 0.00 $1,260,290.00 <br /> The remaining portion for the maximum option would need to be funded from the <br /> general fund, bond proceeds, TIF and/or additional assessments. <br />. *Contribution based upon $195.00/FF assessed against a total of approximately 1900 front <br /> feet among five commercial property owners. The assessment rate is based upon 100% of <br /> the cost of constructing the east half of Alternative A including storm sewer improvements. <br /> It is assumed that this rate would remain the base line even if the Council elects to proceed <br /> with alternatives B, Cl or C2. The council may clect to assess the commercial properties <br /> based upon actual construction costs for the Alternative chosen which could increase this <br /> contribution to a maximum of$420.00/FF for a total contribution of$798,000.00 <br /> **Contribution based upon advance encumbrance ofMnDOT State Aid funds. This <br /> represents approximately 3 years ofMnDOT State Aid payments to the city. <br /> *** This contribution represents the typical annual contribution made from the general fund <br /> for the street reconstruction program. <br />. <br /> 7 <br />