5.10. SR 02-23-2004 - Laserfiche WebLink

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Item 5.10. Howard R, Green Company February 18, 2004 File: 822530J-0030 Honorable Mayor and City Council City of Elk River 13065 Orono Parkway Elk River, MN 55330 RE: YANKTON STREET Dear Council Members: A public informational meeting with the residents along Yankton Street is scheduled for Monday evening, February 23, 2004. Attached is a draft of the feasibility study ordered by the City Council by motion on October 27, 2003. I have left the feasibility study in draft form for two reasons. First, if the City does proceed to a construction project and an assessment of a portion of the costs, the feasibility needs to be ordered by resolution. The date of the actual feasibility study should not appear to be before the date of that resolution ordering the improvement. Secondly and more importantly is the issue of financing. Typically, a feasibility study is prepared and presented to the City Council for their review, comment and adoption prior to going to the public. With this project, we are going to hold an informational meeting with the public to discuss the improvements and the financial ramifications first. The financial ramifications of this project are that its estimated cost is $260,650. This amount contains some contingencies. The ability to assess the project cost is significantly less than the total project cost. There are 11 properties abutting Yankton Street. Three of the properties do not utilize Yankton Street for access, but rather access to the west. One individual owns two of the 11 properties, and approximately three of the properties are relatively close to Trunk Highway 10 and the owners may not perceive that there is an issue with the width of the road. I believe there is a significant funding issue relative to the number of properties that are assessable and how much assessment each of these properties can bear. Even if we assume that all 11 properties are assessable and could support an assessment of up to $10,000 each, that would leave approximately $150,000 to be funded by the City. I will be prepared to make a brief presentation of the proposed improvements, summarize the project costs, and discuss the assessment issues. After City Council and resident questions, if the City Council wants to proceed further with this project, I would recommend that you consider adopting the attached resolution, which would officially order the feasibility study. Secondly, I would request direction from the City Council relative to the financing of the improvements. If you have any questions, regarding this issue, please call. Sincerely, Howard R. Green Company T e rry J.~au~¢-~'¢'/¢'x'~ TJM:sw Enclosure Ltr-021804-Council.doc 2550 University Avenue West · Suite 400N ° St. Paul, MN 55114 · 651/644-4389 fax 651/644-9446 toll free 888/368-4389