6.13. SR 11-21-2005 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I IX. PROJECT FINANCING The reconstruction of Dodge Avenue is proposed to be financed by assessments to the benefiting properties and a contribution of City funds. The 1995 reconstruction proj ect of the north half of Dodge Avenue was 50% assessed to the benefited properties and 50% City contribution. The actual 1995 assessments are shown on Exhibit 3. When half of the proposed project cost was spread as an assessment to the benefited properties for this improvement, the resulting amounts were deemed to be higher than the properties could support. Therefore, the 1995 assessment rates were adjusted for inflation and then spread to the properties in the current project based on acreage. This method resulted in assessment rates from $7,500 to $30,000 with a total assessment amount of $113,000 (40% of the estimated project cost). The proposed assessment amounts per property are shown on Exhibit 4. X. PROJECT SCHEDULE The following project schedule is proposed for the Dodge Avenue Improvement project. City Council authorizes Feasibility Study Staff holds Informational Hearing City Council receives Feasibility Study/Orders Public Hearing City Council holds Public Hearing City Council Orders Improvement/Preparation of Plans & Specifications City Council Approves Plans and Specifications/Authorizes Advertisement for Bids City Council holds Assessment Hearing/Awards Bid Construction begins Construction complete Property Owner Makes First Assessment Payment June, 20,2005 October 27,2005 November 21,2005 January 17,2006 30 - 60 Days March 6, 2006 May 8, 2006 June, 2006 August, 2006 May 2007 XI. CONCLUSION The total estimated project cost for the Dodge Avenue Improvement Project is $281,000. As stated earlier the project is proposed to be financed through a combination of assessments to abutting properties and City contribution. The proposed improvements outlined in this report are feasible from an engineering perspective. 6