4.6. SR 03-19-2001 - Laserfiche WebLink

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