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2022 THIN OVERLAY PROGRAMICITY HALL PARKING LOT IMPROVEMENTS <br />Project Financing/Assessments <br />PROJECT FINANCING <br />Improvement projects like the thin overlay contemplated in this report can be financed in whole or <br />in part by a combination of funds from the City's Thin Overlay program fund in the general levy and <br />Special Assessments under the authority of MN Chapter 429 law. In general, this law allows <br />municipalities to assess benefiting properties for all or a portion of the cost of public improvements. <br />The maximum amount which can be assessed is the lesser of the total project costs (divided <br />uniformly over the same classes of property) or the increase in property value afforded by the <br />improvement to the benefiting properties. <br />Thin Overla-., Iml.-rovements <br />For this project, and in keeping with the City's Special Assessment Policy, residential property <br />assessments are proposed on a per parcel basis. <br />Typically, the amount being assessed in residential areas as a percentage of the project costs has <br />been approximately 25%. Therefore, the total assessable amount for this project should not exceed <br />25% of the total project costs. The remainder of the costs would be funded via the City's General <br />Levy/Street Fund. <br />See Figure 3 for the benefitting properties to be assessed. <br />Parkin: Lot ImL-,royements <br />The proposed parking lot improvements will be funded via the City of Centerville s General <br />Levy/Street Fund. <br />Financing Summary by funding Source <br />Thin Overlay <br />City Hall Parking Lot <br />TOTAL <br />Special Assessments General Fund <br />$133, 750 <br />$0 <br />$401,250 <br />$176,000 <br />$577,250 <br />Total <br />$535,000 <br />$176,000 <br />$71 001 0 <br />City at Centerville Page 5 <br />2022 Thin Overlay Program ® Stantec 193805625 <br />