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2009 Projects Page 3 <br />April 2, 2009 <br />One of the questions that needs to be discussed when this project moves forward is should <br />the abutting properties be assessed for the equivalent of an overlay to the street? If so, at <br />what level? The anticipated construction cost for this project including overhead and a small <br />contingency is approximately $665,000. It is estimated that there are approximately 70 <br />assessable units along the route. The 2008 Overlay Improvement project assessed each <br />single family home $1,400. An assessment at that level would generate approximately <br />$100,000 towards the Main Street project cost. If the City Council wanted to assess a lesser <br />amount using the argument that the road may have needed an overlay earlier because of the <br />amount of traffic carried by Main Street, an assessment of $1,000 per unit would generate <br />$70,000, and an assessment of $700, or half of the 2008 overlay rate, would generate just <br />under $50,000. <br />I would not recommend committing entirely to this project until we have exhausted all <br />opportunities for stimulus funding, which I would hope we would know about within 30 - <br />60 days. However, if the City Council feels an assessment to the benefitting property <br />owners for this repaving would be appropriate, we could begin the feasibility study and hold <br />an informational meeting. <br />Financial Impact <br />Each of these three projects has a financial impact to the city for participation in the cost. Based <br />on the assessment rates discussed above, the city's total participation in all three of these projects <br />could range as high as $1.5 million. <br />Attachments <br />• Three area location maps <br />Action Motion by Second by Vote <br />Follow Up <br />C:\Documents and Settings\jjohnson\Local Settings\Temporary Internet Files\OLK49\04 06 09 cc memo projects.doc <br />