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Street Fund <br />$500,000 <br />Stormwater Fund <br />$425,000 <br />Sanitary Fund <br />$25,000 <br />Water Fund <br />$100,000 <br />Special Assessments <br />$166,000 <br />Estimated total revenue <br />$2,000,000 <br />C. Special Assessments <br />State Statute 429 has two major points to consider when justifying assessments, first, the <br />assessment has to treat similar properties equally, and second, the amount of the <br />assessment has to be equal to or less than the resulting increase in property value. The <br />adopted Special Assessment Policy was used to calculate the preliminary assessment roll <br />shown in Appendix A. Per the policy, the city had an outside consultant perform a special <br />benefit opinion for residential properties. The preliminary assessment roll shows the <br />calculated assessment, the special benefit opinion, and the preliminary assessment <br />proposed for each parcel eligible for special assessments. Assuming this project is <br />completed by fall 2024, the final assessment amount would be determined following an <br />assessment hearing in late 2024/early 2025 and a thorough review of the proposed <br />assessments by the Council. <br />SCHEDULE <br />If the City Council approves the project for construction the following is the recommended <br />schedule for this project. <br />November 6, 2023 - CC Improvement Hearing <br />Winter 2023 - Final Design <br />January/February 2024— CC for approval of Final Plans <br />Summer/Fall 2024 —Construction <br />Winter 2024—CC Final Assessment Hearing <br />Project 24-02 <br />County Road B Reconstruction <br />16 <br />Feasibility Report <br />Page 42 of 82 <br />