10-10-2022 Assessment Hearing Packet (Yorkton Ridge-Maple Ln-Jackson-Ryan Dr-Woodlynn Ave)

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2 • Assessments for Maple Lane & Jackson Street total $110,848 and represent 48% of street costs. • Assessments for Yorkton Ridge total $94,934 and represent 49% of street costs. • Street & Storm Sewer Assessments for Ryan Drive total $290,676 and represent 98% of the Street and Storm Sewer costs. • Assessments for Sanitary Sewer on Ryan Drive total $28,500 and represent 22% of the Sanitary Sewer costs. • Assessments for Woodlynn Avenue total $348,740 and represent 72% of street costs. The interest rate is recommended to be set at 5.0% according to the City Assessment Policy. The interest rate is determined by using the City’s borrowing rate plus one or two percent points and it is at the discretion of the City Council. The City of Little Canada’s current borrowing rate would be approximately 4.0% APR if we were to issue debt for this project. To date there have been no comments from property owners from either street regarding the proposed assessments or any part of the process. The assessment hearings will be televised and recorded to allow property owners to watch if they are not able to attend the meeting. SOURCE OF FUNDS Street and utility improvements will be funded thru the City’s Infrastructure Capital Improvement Fund and special assessments. STAFF RECOMMENDATIONS: Staff recommends that the City Council pass Resolutions Adopting the Assessment Rolls, interest rate and certification to Ramsey County for the 2022 Street Improvement Project Nos. 2022-02, 2022-03, 2022-04, and 2022-05.