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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 assessment has to be equal to or less than the resulting increase in property value. Assuming this project is completed by fall 2015, the final assessment amount would be determined following an assessment hearing in the fall of 2016 and a thorough review of the proposed assessments by the Council. The 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 purposes of assessment calculation, the estimated quantities 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). • Property zoned LDR1 and LDR2 shall be assessed up to 25% of the cost of a 7 -ton, 32 -foot wide roadway. • All other property zoning shall be assessed up to 50% of a 7 -ton, 32 -foot wide roadway. • Costs associated with sidewalk construction are not assessed to property owners. These costs are funded using MSA funds or Park Renewal funds for the area north of County Road B. • Stormwater costs necessary to meet the requirements of the watershed district will be funded by the Stormwater Utility Fund and will not become part of the assessable portion of the project. • Sanitary and Watermain repair costs will be funded by the appropriate utility fund and not become part of the assessable portion of the project. • The homes along the private drive off of Victoria Street (1935, 1945, 1965, 1967, 1971 and 1975 Victoria St) will be assessed based on an equal share of the total frontage of this area along Victoria Street. The total frontage along Victoria is 672.92 feet so each parcel will be assessed for 122.5 feet of frontage • The total frontage along both sides of Victoria Street is 10,921.69 feet. OF that frontage, 5,799.93 feet is owned by the City of Roseville or is owned by Roselawn Cemeterywhich cannot be assessed for roadway projects based on Minnesota State Law. The per foot cost for the assessments includes this frontage. Assessment Summary Estimated total street construction cost with required $1,290,805.20 drainage Estimated 7 -ton, 32 ft wide, street construction cost- with required drainage $1,200,805.20 Total Assessable Frontage (linear feet) 10,921.69 Project P -ST -SW -15-02 Victoria Street Reconstruction 26 Feasibility Report