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<br />. <br /> <br />. <br /> <br />. <br /> <br />CIP Memorandum <br />April 14, 2002 <br />Page 2 <br /> <br />. All streets currently not meeting standards (width, curb & gutter, drainage etc,) will <br />require full reconstruction ($250.00/LF), <br />· All streets with curb and gutter and storm sewer improvements would only require <br />mill and overlay ($50.00/LF). <br />· All City streets would be either reconstructed or overlayed over the next twenty years. <br />. Streets will be sealcoated every seven to ten years. <br />. Costs are in 2004 dollars, <br />· Assumed life cycle of a street is <br />. Reconstructed: Year 0 <br />. Sealcoated Year 2-3 <br />. Sealcoated Year 10 <br />. Sealcoated Year 17 <br />. 2" Overlay Year 20-22 <br />. Sealcoated Year 24-25 <br />· Sealcoated Year 32 <br />· Recycle bituminous surface (4:") Year 40 <br /> <br />By the beginning of 2005 approximately 11 miles of city streets will not meet standards leaving <br />approximately 19 miles of city streets in the overlay category. The following is a look at what <br />the City's total needs will be over a 20 year period: <br /> <br />A. Street Reconstruction: <br />B. Street Overlay: <br />C. Street Sealcoat <br />Total: 20 year PMP budget <br />Annualized Budget (2004 dollars) <br /> <br />11,0 miles *250$/LF*5,280LF <br />19,0 miles*50$/LF*5,280LF <br />60,0 miles*2.50$/LF*5.280LF <br /> <br />=$14,520,000 <br />= $ 5,016,000 <br />=$ 792,000 <br />$20,328,000 <br />$1,016,400 <br /> <br />Current Funding Summary <br /> <br />The following is a summary of the current funding mechanisms in place for the City's PMP <br />needs and the corresponding annual contributions for 20 years. The assessment contribution is <br />based upon the current assessment policy which requires residential properties to contribute <br />50% of the benefit received from the improvement project. For this analysis we have assumed <br />that assessments will contribute 50% of the reconstruction and overlay costs listed above. The <br />City's general fund outlay of $200,000 per year is also assumed to occur over the twenty year <br />period. <br /> <br />A. General Fund Outlay $200,000*20 yr <br />B. State Aid Funds $200,000*20yr <br />C. Assessments 50%*(14,520,000+5,016,000) <br />D, Storm Water Uti lily 150,000*20yr <br />Tota120 ycar PMP Funding (2004 dollars) <br />Annualized PMP Funding (2004 dollars) <br /> <br />=$4,000,000 <br />=$4,000,000 <br />=$9,768,000 <br />~$3,OOO,000 <br />$20,768,000 <br />$ 1,038,400 <br />