CCP 07-31-2006 - Laserfiche WebLink

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2006 PMP 7/27/2006 Page 2 . FINANCIAL IMPLlCA nONS The projcct is proposed to be assessed consistent with the City's assessment policy, which states that 50% of the costs for roadway improvements will be assessed, with the remaining portion financed by various City funds. A detailed assessment roll will be presented at the assessment hearing. The preliminary assessment roll presented in thc feasibility report for this project listed 62 properties with frontage abutting the streets to bc reconstructed. Scveral other propertics wcrc listed for discussion as to whcther they should bc included in the asscssment roll. Based on staff review and council discussion at past work sessions, these properties were not included in the proposed assessment roll. Thc proposed asscssment roll nndcr consideration contains the 62 propcrtics originally listed in the feasibility report. The assessment policy states that the assessment shall be based on the total estimated construction cost, plus associated overhead costs. The policy also states that the City Council shan retain the right to review each project on its own merit and to deviate from any portion of the Assessment Policy Manual as it deems proper. Since we arc already into the construction proccss, we have contractor's bid prices, and could use these in place of the estimated construction costs, Three options are described below, which show the assessment rate per lot, as well as the total amount of the project to be paid by the City out of the General and Enterprise (Watermain, Sanitary Sewer, and Storm Sewer) Funds. Option I is to base the asscssment on the contractor's bid prices, which would be a deviation from the assessment policy. Option 2 is hascd on the engineer's estimate, which would be following the assessment policy as written, Option 3 is based on the feasibility cstimate, also a deviation from the assessment policy. The assessment rate listed in Option 3 is thc one that had been providcd to residents at earlier neighborhood meetings during the preparation for this project. . - Option Assessment rate per unit Total received in assessments Total funded bv the City 1 $9,831.87 $609,575,94 $1,478,118.22 2 $9,215.64 $571,369,68 $1,516,324.48 3 $8,800.00 $545,600.00 $1,542,094.16 SCHEDlJI"E Assessment rolls must be adopted no later than September 25, 2006, to allow for a 30-day pre-payment period. Following the pre-payment pcriod, assessment rolls are certified to Ramsey County for collection. The County requires that this certification be done by November 15 in order to allow them enough time to add the asscssments to property taxes. The City plans to complete the certification by the end of October. As a result, we recommend the following schedule for the 2006 assessment process: July 31 Resolution declaring costs to be assessed, ordering preparation of assessment rolls July 31 Resolution receiving assessment rons, setting hearing dates . Angust 9 Notice of hearing publishcd in the Shoreview-Arden Hills Bulletin