10-12-2022 Council Packet - Laserfiche WebLink

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Prepared by: Bolton & Menk, Inc. 2023 Street Improvements (Sunset Court, Sunrise Dr, Spruce St) ǀ 0N1.127995 Page 9 VI. 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. Sunset Court and Sunrise Drive are recommended to be assessed on a per unit basis due to the similar size and use of the properties being assessed along each roadway. As such, parcels are assigned a unit count and in some cases adjusted in accordance with the special provisions described above. The total assessable cost is then divided among the total assessable units to determine a total assessable cost per unit. Spruce Street is recommended to be assessed on a per front footage basis due to the varying property sizes along the roadway. The total assessable cost is divided by the total front footage to determine the per front foot assessment rate. This rate is multiplied by the assessable front footage of each parcel to determine the proposed assessment. 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 project 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. Sunset Court A per unit assessment method is being utilized for Sunset Court due to the consistency of adjacent property sizes and uses. The estimated per policy assessments for street improvements are: • Unit Assessment Rate $8,639 Appendix C identifies the Assessment Roll and benefiting properties. 2. Sunrise Drive 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 $7,915 Appendix C identifies the Assessment Roll and benefiting properties.