5.4. SR 05-03-2010 - Laserfiche WebLink

Home Browse Search

Commercial properties would be assessed at 2.0 residential units and agricultural properties would be assessed at 1.0 residential units per PIN number. The number of assessable units is between 70 and 90 units with an estimated quantity of 75 for the area, which is graphically shown in Exhibit 8. The proposed assessment rate is yet to be finalized by the City Council, but it is expected that the final rate will fall within the range of $1,566 to $2,506 per unit. Therefore, the total assessment amount would then be between $117,450 and $187,950. The proposed assessment range of $1,566 to $2,506 per unit was determined based on a number of factors in conjunction with the "draft policy on adjustments to street improvement assessments to account for trafi•ic volumes" included in Appendix D. The main factor was the amount of traffic associated with the adjacent land owners. A majority of the vehicular trips that occur on a daily basis are not property owners but rather through-traffic using Main Street as a connector to other destinations. Due to the additional traffic loading, the street section is thicker than the typical residential street section to accommodate the additional traffic. Main Street is also wider than most typical residential streets to accommodate two parking and two travel lanes. In addition, concrete sidewalk and curb improvements will be very minimal compared to other similar projects completed in the past. Based on the estimated total project cost of $671,500 and total assessments range of $117,450 to $187,950 the remaining project cost to be funded by the City will be between $554,050 and $483,550. The City's portion would be funded by the Street Improvement Reserve Fund (SIR). Financing of the assessed portion is proposed to be over a 5 year period with an interest rate of 3.5%. As with similar projects in the past, residents can request in writing to extend this period up to 7 years but at an interest rate of 4.25%. X. PROJECT SCHEDULE Resolution Ordering Feasibility Study April 19, 2010 Informational Meeting April 26, 2010 Feasibility to City Council May 3, 2010 Authorize Bidding May 3, 2010 Advertise for Bids May 2010 Bid Date June 1, 2010 Public Hearing /Assessment Hearing July 6, 2010 Bid Awarded July 6, 2010 Begin Construction (After County Fair Parade) July 20, 2010 Construction Substantially Complete August 2010 First Assessment Payment with Real Estate Taxes May 2011 It is expected that construction would start the Tuesday following the Sherburne County Fair parade along Main Street on July 16, 2010 and end before school is in session in the fall (September 7, 2010). 7