11-17-2021 Council Packet - Laserfiche WebLink

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Prepared by: Bolton & Menk, Inc. FINANCING 2022 Street & Utility Improvements (Yorkton Ridge, Maple Ln - Jackson) St ǀ 0N1.125241 Page 8 V. FINANCING Street: The City’s Assessment Policy for rehabilitated urban streets outlines that 50% of street rehabilitation costs, including any cost associated with the repair of curb and gutter, shall be assessed to the benefited properties. The special assessment policy includes special provisions for corner lots, commercial properties, lots that have already been assessed, and minimum/maximum front footages; notes and adjustments for these parcels are listed in the Assessment Rolls in Appendix C. The remaining street costs will be funded using the City’s Infrastructure Capital Improvement Fund. Yorkton Ridge is recommended to be assessed on a per unit basis due to the similar size and use of the properties being assessed. As such, parcels are assigned a unit value, adjusted in accordance with the special provisions described above. The total assessable cost is then divided among the total units and assigned to each benefiting parcel according to its unit value. Maple Lane – Jackson Street is recommended to be assessed on a per unit basis due to the similar size and use of the properties being assessed. As such, parcels are assigned a unit value, adjusted in accordance with the special provisions described above. The total assessable cost is then divided among the total units and assigned to each benefiting parcel according to its unit value. Water, Sewer, and Storm: This project includes only minor water, sanitary, and storm sewer repairs. As such, in accordance with the City’s Special Assessment Policy, water, sanitary, and storm sewer improvements will not be assessed. Instead, they will be funded by the City’s Infrastructure Capital Improvement Fund. Special Assessment – Street Costs Assessed The unit assessments discussed below are estimates. At the conclusion of construction, City staff will tabulate actual/final construction costs and use those costs as the basis for the levied assessments. An Assessment Hearing will be held by the City Council to share these costs with the residents. 1. Yorkton Ridge A per unit assessment method is being utilized for Yorkton Ridge due to the consistency of adjacent property sizes and uses. The estimated per policy assessments for street improvements are: • Unit Assessment Rate $4,750.00 Appendix C identifies the Assessment Roll and benefiting properties. 2. Maple Lane – Jackson Street A per unit assessment method is being utilized for Maple Lane – Jackson Street due to the consistency of adjacent property sizes and uses. The estimated per policy assessments for street improvements are: • Unit Assessment Rate $3,810.00 Appendix C identifies the Assessment Roll and benefiting properties.