CCP 11-12-2002 - Laserfiche WebLink

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I ~B. I I I I I I I . I I I I I I I ,. I Project Funding The project will be funded from several sources including Residential Assessments on the benefiting properties, the City General Fund, MnDOT State Aid Funds, the City Water Utility Fund, the City Surface Water Utility Fund, the City Parks Fund and a potential grant from Rice Creek Watershed, We have calculated three general reconstruction assessment rates based upon reconstruction of a 24 foot street, 28 foot street, 32 foot street. We have calculated two general Mill and Overlay rates to account for the typical Mill and Overlay effort and the special case of Pleasant Drive, The proposed assessment rates are based on Y2 the cost of the roadway improvement cost. Assessment front footages were calculated using the Arden Hills Assessment Guidelines Dated: November 1990, In most cases the eul,de,sac formula was used di viding the area of the lot by the average depth of the lot. Comer lot Front Footages are based on the lot frontage abutting the road being constructed, These two neighborhoods included a number of unusual lot configurations which do not fit nicely into existing formulae, We have calculated front footages in these cases using our best judgement and plan to present our specific calculations to Council and residents in the future, Total Project Cost Based Upon Recommended Improvements: $2,553,900,00 Proposed Funding Sources: General Fund $ PIR Fund (Assessments): $ Surface Water Utility Fund: $ Rice Creek Watershed Grant: $ MnDOT State Aid Funds (2003 Estimated Account Balance $1,000,000) $ 700,000,00 822,213.04 250,000,00 75,000,00 706,686,96 Total $2,553,900,00 Total Hamline Trail Project Cost: $ 106,500,00 Proposed Funding Sources: MnDOT State Aid Funds Water Utility Parks Funds $ 50,000,00 $ 12,500,00 $ 44,000,00 Total $ 106,500,00 17