8.0. SR 06-04-2001 - Laserfiche WebLink

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Howard R. Green Company Project No. 814130J FINANCING Feasibility Study Bituminous Street Improvements On 221st Avenue Elk River, Minnesota It is assumed that the Developers of the Ridges of Rice Lake project will fund approximately 50% of the total project cost. The remaining 50% or$112,150.00 will need to be funded bythe City through assessments to the other benefiting properties. The City's assessment manual provides some flexibility in how these types of assessments are levied. It is recommended that in this case the equivalent parcel basis be used to equitably divide the project cost among the benefiting properties given the rural nature of the area and the large size of the parcels. The equivalent parcel basis method requires that each of the large parcels be evaluated to determine the maximum number of parcels it can be subdivided into in the future. The current zoning of this area requires a minimum lot size of 10-acres and a minimum of seventy-five feet of front footage. Using this method, there are a total of thirty-one parcels. The existing parcels and corresponding property id numbers are shown on Exhibit 1. The maximum number of parcels that each large parcel can be subdivided into using the method described above is shown in Appendix A. Dividing thirty-one parcels into $112,150.00 results in a proposed assessment rate of $3,625.00 per parcel. The preliminary assessment roll provided in Appendix A gives the total assessment per existing parcel. The assessment roll also identifies the two parcels to be developed into the Ridges of Rice Lake Subdivision. Although the Developer's contribution will be required as part of the Developer's Agreement and is not an actual assessment, their share of the road construction is shown in the assessment roll to show total project funding. PROJECT SCHEDULE The following project schedule for the 221 st Avenue Improvement Project is based upon guidelines in Minnesota State Statues Chapter 429 for assessment of local improvements: Order Feasibility Study Receive feasibility study, order public hearing Hold Public Hearing Order plans and specifications. Order Advertisement for Bids; establish amount to be Assessed and set assessment hearing date Open bids Hold assessment hearing and award contract Begin construction Complete construction April 9, 2001 June 4, 2001 July 9, 2001 July 9, 2001 August 2, 2001 August 13, 2001 August 2001 September 2001 CONCLUSION Based on the information gathered and the analyses presented, the proposed bituminous street improvements are feasible from an engineering standpoint and would meet all standards set forth by the City. The improvement in this street would be another step in improving the street infrastructure within the City of Elk River. The estimated project cost is $224,300.00. O 5PROJ~81413 0J~Feasibility Study.doc