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Appraisals have been completed to determine the influence of the improvement project on the 76 value of the properties proposing to be assessed. Staff has amended the feasibility report to 77 incorporate the findings of the benefit appraisal. A summary of recommendations from the 78 Benefit Appraisal Report: 79 Special benefits for street reconstruction for residential properties are estimated between 80 $35 per foot of frontage to $55 per foot of frontage. For the purposes of this project the 81 maximum assessment rate for residential properties shall be $35 per foot of frontage. 82 The proposed assessments for residential properties for this project based on current cost 83 estimates and the City’s Special Assessment Policy is $27.49 per foot of frontage. 84 Special benefits for non-residential properties (for this project, only the New Life 85 Presbyterian Church (formerly known as the North Como Presbyterian Church) meets 86 this criteria) for total street reconstruction are estimated between $60 and $75 per foot of 87 frontage. For the purposes of this project the maximum assessment rate for the New Life 88 Presbyterian Church shall be $60 per foot of frontage. The proposed assessment rate for 89 the Church based on current cost estimates and the City’s Special Assessment Policy is 90 $54.97 per foot of frontage. 91 There are five assessable corner lots impacted by this project. If a corner lot has been 92 assessed 100% of their short frontage on a previous project, then they will be assessed 93 only 10% of their long frontage for the adjacent street project. This is consistent with the 94 City’s assessment policy. It is also consistent with the findings of the benefit appraisal 95 report. Three parcels within the project area will be assessed for 10% of the long side of 96 their lot for this project as they were assessed 100% on a previous project. These parcels 97 include 851 Parker Ave, 2088 Victoria Street and 1915 Victoria Street. 98 Two parcels were not assessed 100% when the adjacent street was reconstructed and 99 therefore they will be assessed 100% of their short side for this project. Those parcels 100 are 870 Parker Ave and 873 Parker Ave. The details and total amounts of the proposed 101 assessments for these parcels, and all other benefiting properties within the project area, 102 are included as Attachment C. 103 FI INANCIALMPACTS 104 Fund the street reconstruction with Municipal State Aid funds, utility funds, and assessments. 105 If the Council approves the project as proposed, staff will work on completing final plans in 106 February. This project will be brought back to the City Council to authorize staff to solicit bids 107 for the construction work. After receiving bids, we will review them in accordance with the 108 budgeted amounts for this project and bring an award recommendation to the City Council. 109 SR TAFF ECOMMENDATION 110 Staff recommends that the City Council order these proposed public improvements. 111 RCA EQUESTEDOUNCILCTION 112 1.Per Attachment A, conduct a Public Hearing to consider whether public improvements 113 should be constructed. 114 2.Approve a resolution ordering the improvement and preparation of plans and 115 specifications for Victoria Street, between Larpenteur Avenue and County Road B. 116 Page 3 of 4