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Project P -ST -SW -W -13 -02 Feasibility Report County Road D Reconstruction 23 PROPOSED FUNDING A. Special Assessments State Statute 429 has two major points to consider when justifying assessments, first, the assessment has to treat similar properties equally, and second, the amount of the as sessment has to be equal to or less than the resulting increase in property value. Assuming this project is completed by fall 20 1 3 , the final assessment amount would be determined following an asses sment hearing in the fall of 201 4 and a thorough review o f the proposed assessments by the Council. T he following City of Roseville assessment policies are being followed: • To meet MSA standards, this road will be constructed to a 10 -ton design . o For the purpo ses of assessment calculation, the estimated quantit ies are reduced to reflect the cost to build a 7 -ton road . (7 ton road design is 6 inches of aggregate base material with 3 inches of new bituminous pavement ). o Since the proposed road is 33 feet wide, the costs for the additional 1 foot of pavement are su btracted as well. • Property zoned LDR1 and LDR2 shall be assessed up to 25% of the cost of a 7 -ton, 32 -foot wide pavement with concrete curb and gutter and required drainage. • All other property zoning shall be assessed up to 50% of a 7 -ton, 32 -foot wide pav ement with concrete curb and gutter and required drainage. • Co sts associated with sidewalk construction are not assessed to property owners. These costs are funded using MSA funds. • Sanitary and Watermain replacement/repair will be funded by the appropriat e utility fund and not become part of the assessable portion of the project. Assessment Summary Estimated total street construction cost with required drainage $577,816.53 Estimated 7 -ton, 32 ft wide , street construction cost - with required drainage $540,794.40 Total Assessable Frontage 2 ,214.13 Assessment Rate 100% of cost/foot $244.25 5 0 % of cost/ foot $122.13 25% of cost/ foot $61.06 • Appraisals will be completed prior to the Public Hearing to determine the influence of the improvement pro ject on the value of the properties proposing to be assessed. • If appraisals indicate that the “up to” assessment rate is greater than the benefit received from the proposed project, Staff will recommend that the assessment rate be lowere d to equal the benefit.