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<br />MS! <br /> <br />ISII,mll 1:IGl~mJlS <br /> <br />eMl fNGINffRtNG <br /> <br />fNVrRON,\.ifNTA! <br /> <br />MUNIC1PA! <br /> <br />fJ/ANN/NG <br /> <br />:;iwcruRAI <br /> <br />eSIJIVEVING <br /> <br />T~AIFJ{ <br /> <br />fRAN5POfr",TlON <br /> <br />1326 Eoogy Park Drive <br />51. Paul, MN 55108 <br />612.644-4389 <br /> <br />f",: 612,644.9446 <br /> <br />9800 5helard Parkway <br />e Minneapol;" MN 55441 <br />612.546.0432 <br />Fax: 612.54406398 <br /> <br />:2::0-d <br /> <br />ITEM 5.6 & 5.7. <br /> <br />August 25, 1994 <br />File: 230-215-58 <br /> <br />Mr. Pat Klaers <br />City Administrator <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br /> <br />RE: NORTHEAST AREA TRUNK SEWER AND WATER ASSESSMENT RATES <br /> <br />Dear Mr. Klaers: <br /> <br />As you requested, I have recalculated the assessment rate for the Northeast Area <br />improvements based on the most current information available relative to assumptions for <br />the future. This recalculation was based on the following assumptions you relayed to me: <br /> <br />. <br /> <br />There would be no green acre deferral of any properties within the district. <br />The only assessment deferral which needs to be considered is for the trunk watermain <br />from Hillside 1st Addition to the new water tower site. <br />All properties currently covered under developer agreements and the proposed <br />Hillside Crossing development would be assessed $3,800 per acre. <br />The interest rate for the assessments would be 7%. <br />Two-thirds of the Hillside Crossing development assessments would be over a 10- <br />year period. The remaining one-third would be over a 3-year period. <br />The remaining undeveloped portions of the Hillside Estates area would be extended <br />to a 10-year assessment period. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Based on all of the above assumptions and utilizing the same rationale we had previously <br />used, I would recommend an assessment rate of $2,850 per acre. This takes into account the <br />cost of the improvements, the proposed improvements yet to be constructed, the small <br />amount of assessment deferral, and the length of time of the assessment plus interest rate. <br />Attached for your review is a revised copy of the assessment roll based on this $2,850 per <br />acre rate or the $3,800 per acre rate for areas covered by Developer's Agreements. finally, <br />attached is a resolution adopting this new roll for the City Council's consideration at their <br />meeting on August 29, 1994. <br /> <br />'n~d ~s ~sw 6~:S~ nH~ ~6-s~-~n~ <br />