5.10. SR 02-23-2004 - Laserfiche WebLink

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Howard R. Green Company Feasibility Study Project No. 822530-0030 Yankton Street Road Improvements Elk River, MN projects of similar scope. Project cost estimates provided reflect the estimated construction cost, which includes contractor costs for labor, equipment and materials. IX. Financing There are total of eleven properties that abut Yankton Street. Three of these properties, however, do not have access directly onto Yankton Street, but rather access onto Zebulon Street and 201st Avenue. The frontage of the 11 properties along Yankton Street ranges from a Iow of 112 lineal feet to a high of 611 lineal feet. There are typically two ways to assess these types of road reconstruction improvements. Most recently, the City Council has utilized a per residential equivalent unit assessment. The rational for utilizing residential equivalent units for the assessment method is an attempt to treat all homeowners the same regardless of how much frontage they have The other method of assessing these footage basis. According to the :y's time to time establishes a per front projects. The most recent rate was foot. Given the minimum and method of assessment, the to a high of $25,600. It is appeal at this hi( the reconstructed roadway. )rovements would be on a front policy, the City Council from ~ent rate for reconstruction in June 2001 at $42 per front footages and using a per front foot ares would range from a Iow of $4,700 that the City could sustain an assessment If it is assumed that the ¢ uitable way to assess this project would be on a residential equivalent unit basis and assumed that there are 11 residential units, the question then is what is the maximum assessment amount that could be sustained against an assessment appeal. If we assume that that number is up to $10,000 per unit, which is likely on the high end, that would mean that there is $110,000 generated by assessments. This would leave approximately $150,000 of the project cost to be funded by the City. X. Summary The proposed street improvements will provide residents with a safe and adequate public transportation system. The street reconstruction portion of this project is feasible from an engineering standpoint, and with the exception of the reduced street width, it meets all standards set forth by the City of Elk River. The total project cost for the Yankton Street Improvements project is estimated to be $ 260,650. The project would be funded through a mixture of special assessments to the benefited properties and City funds.