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Howard R. Green Compan; Feasibility Study <br /> Project No. 812420J City of Elk River <br /> 4. FINANCING <br /> The project is proposed to have a small percentage assessed to the abutting property <br /> owners with the remainder funded by the HRA. Various options have been reviewed by <br /> the HRA and City Council for the assessment of this project. The chosen alternative is <br /> to assess $1,500 per unit, with a unit being determined to be any parcel of property <br /> which has a separate tax identification number. A review of the County records <br /> indicates that there are 39 parcels in the project area with individual tax identification <br /> numbers. Using $1,500 per unit, this means that the total assessment would be <br /> $58,500. <br /> The method of spreading this assessment was chosen as 50% per unit and 50% by front <br /> footage. It was determined that there is a total assessable front footage of <br /> approximately 2,500 front feet. Therefore, the assessment rates are $750 per unit and <br /> $11.64 per front foot. Applying these rates to each parcel results in the preliminary <br /> assessment role shown on Exhibit 2. <br /> The remaining project costs will be funded by the HRA with a small portion of the cost <br /> being paid for by the Elk River Municipal Utilities, equivalent to the cost of removing the <br /> existing sidewalk on the north side of Main Street: <br /> 5. PROJECT SCHEDULE <br /> The schedule for the Downtown Sidewalk Replacement project, as provided in Table 1 <br /> below, is based upon guidelines established in Minnesota State Statues Chapter 429, <br /> Local Improvements, Special Assessments. Dates for construction may be revised after • <br /> the informational hearing. <br /> Table 1. <br /> PROJECT SCHEDULE <br /> • City Council orders Feasibility Study February 12, 2001 <br /> • City Council receives feasibility study and orders public February 26, 2001 <br /> hearing. <br /> • City Council orders preparation of assessment roll and February 26, 2001 <br /> assessment hearing <br /> • Informational Hearing March 1,2001 <br /> • Public Hearing and Assessment Hearing March 19, 2001 <br /> • Order Improvement March 19, 2001 <br /> Approval of Plans/Authorization to Bid <br /> • Open Bids April 12, 2001 <br /> • City Council awards contract April 16, 2001 <br /> • Begin construction on sidewalk replacement and ERMU April 23, 2001 <br /> underground electric work <br /> • Complete construction Mid June, 2001 <br /> • First payment due with real estate taxes May 2002 <br /> 812420J FEASIBILITY <br />