CCP 12-14-1998 - Laserfiche WebLink

Home Browse Search

. DRAFT ARDEN IDLLS CITY COUNCIL - NOVEMBER 30,1998 15 I . Mr. Post stated, since West Round Lake Road was designated as a Municipal State-Aid street, he has assumed the commercial/industrial rate to be used should reflect the 100% factor rather than the 70% for a standard commercial/industrial roadway. This standard was most closely reflected by Feasibility Study Alternative A with a 36-foot wide undivided roadway as modified by the a addition of a six-foot concrete sidewalk. Estimated roadway costs for this altemative were $823,375. In addition, storm drainage and sidewalk costs were estimated at $180,160 and $51,975, respectively. Total assessable costs then total $1,055,510. The amount of estimated assessments was then calculated as follows: 1. Total assessable costs were divided by 50% to reflect the non-assessable west side of the road. ($1,055,510/2 = $527,755) 2, The total length of the improvement was approximately 2,600 feet, On a front footage basis this equates to $202.98. ($527,755/2,600) 3. The southerly portion of the improvement from Gateway Court to Gateway Boulevard, or about 700 feet, is not assessable due to a pre-existing Development Agreement which includes the Welsh Phase II building, e 4, Total assessments were then calculated at $385,662 ($202.98 * (2,600 - 700)). Assuming the five assessable property owners had comparable front footage, the estimated average per property assessment would be approximately $77,132, These assessment may be increased by adding 36.5% of the costs of street lighting or landscaping appurtenances which may be included as part of the improvement scope (1,900'/2,600' = 73.1% * appurtenance cost12 = 36.5%). Mayor Probst referred to item number three and stated he believed there was language which did allow the City to assess this area according to the valuation under certain conditions. Mr. Post noted at that time the buildings had not yet been built. Mr. Fritsinger stated that in theory they are meeting the assessment agreement. Another consideration to this is that property taxes for the property are within the TIF District and will be captured to pay for the West Round Lake Road intersection. Mayor Probst asked for the status of Ramsey County's valuation of the property. Mr. Post explained the only parcel which has been valued thus far was Phase I, the MSL building. The specific issue was that the building assessment was fme, however, Staff felt the land value was low given recent market activity. Mr, Post indicated he had received assurances that the value will be increased to approximately $2 per foot. . Mr. Post referred to page two of this Staff memo and explained the various funding sources. There was a funding shortfall, prior to any enhancement costs, of $283,386 for the median altemative and $97,271 for the non-median alternative. The enhancements push up the shortfall and there was a possibility that this short fall could be funded by the Non-Assessable Road