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<br />Memorandum, 1119/98 Follow-up Items (WRLR, Reconstruction Phase II) .
<br />Page Two
<br />November 25,1998
<br /> Two Lane with
<br /> Two I,ane with Raised Median Center Turn Lane
<br /> Previous B Revised B Alternative D
<br />Project without Sidewalk $1,924,810
<br />R-O-W @ $2.00/SF. 74,000
<br />Project Costs before
<br />Enhancements $1 99H HI0 $1 7Hl H40 $1 54:\ H45
<br />Fundin~
<br />Assessments (Attachment B) 370,500 385,662 385,662
<br />General Fund 151,000 151,000 151,000
<br />State Aid 500,000 500,000 500,000
<br />Water Fund 230,550 230,550 230,550
<br />SWM Fund (Attachment C) 64,950 7.11,242 179,:\52
<br />Funding Subtotal 1,:\17,000 1,498,454 1,446,564
<br />Funding Shortfall*
<br />Before Enhancement Costs < 681,810> <283,386> < 97,271>
<br />Enhancement Costs <274,680> <292,100> < 292,100> .
<br />Less:
<br />Additional Estimated
<br />Appurtenance
<br />Assessments
<br />(Total * .365) 100,25H 106,617 106,617
<br />Net Funding Shortfall*
<br />with Enhancements <R:'5t1 212> < 46H H69> < 2H2 754>
<br />Observation
<br />Although the City Engineer has revised Alternative B costs downward by some $216,970, the
<br />total base costs (before enhancements) of this alternative remain $237,995 higher than
<br />Alternative D. The issue of benefit for this additional level of cost is still present when
<br />comparing the alternatives.
<br />*This shortfall could potentially be funded by Fund No. 409, (Non-Assessable Road
<br />Improvements Fund No. 409). Based on projected expenditures, it is unlikely that there will be
<br />any remaining 1998 TIF Bond proceeds available to fund the revised Alternate B project deficit.
<br />As of October 31,1998, Fund No. 409 had a cash balance of approximately $1,215,000. The
<br />Fund was established to fund future City cost participation on County projects (i.e., Highway 96,
<br />County Road I, etc.) or "one-side" (i.e., North Hamline Avenue, North Snelling Avenue) non- .
<br />assessable streets.
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