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Page 2 Terrace Drive 2/25/91 ITEM COST FINANCING SOURCE Street $247,000 $171,660 -- Assessment 75,340 -- M.S.A. Right -of -way 4001640 400,640 -- T.I.F. Landscaping 2711940 271,940 -- T.I.F. Storm sewer 1291650 64,825 -- Assessment 64,825 -- M.S.A. Watermain 23,580 23,580 -- Water fund Sanitary sewer 47,400 31,000 -- Sanitary sewer fund 16,400 -- Assessment Pathway 14,590 14,590 -- Pathway fund TOTAL $1,134,800 $1,134,800 It is assumed, under this financing scenario, that right -of -way will have to be purchased from all parcels. However, since all the property owners petitioned for the improvement, it is possible that all, or a portion of the right -of -way, could be donated. If this takes place, the right -of -way costs would be reduced significantly and less T.I.F. funding would be required. By proceeding with this project, the city will be spending a significant amount of money currently in our M.S.A. account. This is a positive action in terms of reducing our unexpended fund balance. Staff Recommendation: Staff recommends the council proceed with construction of Terrace Drive from Lincoln Drive to cul -de -sac using the Alternate 2A design. Alternate 2A includes a 52 -foot wide cross - section with a median between Lincoln Drive and County Ditch 4 and 44 -foot cross - section west of the ditch to the present cul -de -sac. Financing for the project should be as suggested in the financing model. It is recommended the council use the attached format for the continued hearing. Schedule: If the project is ordered by the council at the February 25 continued hearing, the project could be substantially completed by fall, 1991. RECOMMENDED COUNCIL ACTION: Adoption of a resolution ordering improvement, Project 91 -04, Terrace Drive reconstruction, Fairview Avenu- to Lincoln Drive, using Alternate 2A with landscaping as presented. I