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2016 THIN OVERLAY PROGRAM <br /> Project Financing/Assessments <br /> PROJECT FINANCING <br /> Improvement projects like the one contemplated in this report can be financed in whole or in part <br /> by a combination of funds from the City's Thin Overlay program fund in the general levy and Special <br /> Assessments under the authority of MN Chapter 429 law. In general, this law allows municipalities to <br /> assess benefiting properties for all or a portion of the cost of public improvements. The maximum <br /> amount which can be assessed is the lesser of the total project costs (divided uniformly over the <br /> same classes of property) or the increase in property value afforded by the improvement to the <br /> benefiting properties. <br /> For this project, residential property assessments have been calculated on a per parcel basis and <br /> the commercial property assessments have been calculated based on front footage. Front footage <br /> assessment amount is based on the$47 centerline foot cost estimate for Mill Road. Then divide by <br /> two for a front foot cost to get$23.50/front foot.Then,we evaluated the amount being assessed in <br /> residential areas as a percentage of the project costs and came up with a rate of approximately <br /> 25%. Finally, applying that same percentage to the front foot cost, gives a value of$5.875/front foot. <br /> The City Attorney has offered an opinion that cemeteries are exempt from special assessments <br /> according to MN Statute 306.14. Therefore, the St. Genevieve cemetery along Mill Road will not be <br /> assessed. The area to be assessed is shown on Figure 3 in the appendices. <br /> FUNDING SUMMARY <br /> Road/Thin Overlay <br /> Fund (General Levy) Assessments <br /> Funding Sources Total <br /> 75% (approx.) 25% (approx.) <br /> Totals $263,772 $85,828 $349,600 <br /> ASSESSMENT SUMMARY <br /> Property type Number of parcels or Assessment Amount Total <br /> (assessment basis) front footage Assessed <br /> Residential (per $550/parcel (1" overlay) <br /> parcel) 142 $84,700 <br /> $750/parcel (2" overlay) <br /> Commercial (front 192 <br /> footage) $5.875/FF $1,128 <br /> Total $85,828 <br /> City of Centerville Page 5 <br /> 2016 Thin Overlay Program ® Stantec 193803352 <br />