CCP 11-10-2003 - Laserfiche WebLink

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I Ie I I I I I I I .. I I I I I I Ie I I B. Project Funding Assessment Rate Discussion The project will be funded from several sources including Residential Assessments on the benefiting properties, the City General Fund, the City Enterprise Funds for Water, Drainage and Sanitary Sewer improvements and a potential grant from Rice Creek Watershed. We are proposing one general assessment rate based upon the typical street improvement within the neighborhood. Creating multiple assessment rates based upon the widely varied nature of the proposed improvements would cause confusion and be very complicated to determine individual fair rates. In addition, many of the properties in this neighborhood have frontages on two or even three separate streets all of varying designs. The proposed assessment rate is based on the total estimated cost of the roadway improvements averaged to a per foot cost of street. The per foot street cost is divided by four to determine the proposed assessment rate. The following outlines our calculation Total Project Cost for Street Improvements: Total Length of Streets in Neighborhood: Average Per Foot Cost of Street: Proposed Assessment Rate: $601,000.00 2,875 Feet $209.00 \4 * $209.00 = $ 52.25 Assessment front footages were calculated using the Arden Hills Assessment Guidelines Dated: November 1990. In many cases the cul-de- sac formula was used dividing the area of the lot by the average depth ofthe lot. Comer lot Front Footages are based on the lot frontage abutting the road being constructed. This 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. Exhibit 9 illustrates existing property addresses and lot configurations used for the assessment footage calculations. Total Project Cost: $ 1,089,000.00 Proposed Funding Sources: General Fund: Non Assessable Street Fund: PIR Fund (Assessments): Surface Water Utility Fund:* Watermain Utility Fund: Sanitary Sewer Utility Fund: $ 300,500.00 $ 78,400.00 $ 222,100.00 $ 205,000.00 $ 38,000.00 $ 245,000.00 $1 ,089,000.00 Total * City cost would be reduced if potential grant from Rice Creek Watershed District is obtained 10