10-12-2022 Council Packet - Laserfiche WebLink

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Prepared by: Bolton & Menk, Inc. Financing Twin Lake Boulevard ǀ 0N1.125376 Page 11 FINANCING SPECIAL ASSESSMENTS – VADNAIS HEIGHTS In accordance with its Assessment Manual Policies & Procedures Guide dated November 17, 2020, the City of Vadnais Heights will be assessing the property owners for roadway improvements within the City’s jurisdictional limits. The Assessment Map in Appendix D depicts the properties that will be assessed based on current policy. Street: Consistent with the City’s assessment policy, 50% of the street rehabilitation costs are proposed to be assessed to the benefiting properties. Residential properties along Twin Lake Boulevard within the City of Vadnais Heights are recommended to be assessed on a per unit basis. The Estimated Per Unit Assessment Rate is shown below: Residential Assessment Rate – Estimated $1,485 Per Unit Non-residential properties are proposed to be assessed on a front foot basis. The Estimated Per Front Foot Assessment Rate is shown below: Non-Residential Assessment Rate – Estimated $74.23 Per Front Foot Benefitting parcels would be assessed for up to a 10-year period in accordance with the Assessment Manual From the date the assessment roll is adopted by the City council, property owners have 60 days to pay the special assessment in full without interest. Payments made after the 60-day no interest period, and made on/before October 1, 2023, will incur interest charges based on the date the payment is made. After October 1, 2023, remaining special assessment balances will be certified to Ramsey County to be collected with property taxes on equal principal installments. Water, Sewer, and Storm: Minor improvements made to the utility systems will not be funded with special assessments. Instead, they will be funded by the Water Utility Fund, Sewer Utility Fund, and Surface Water Utility Fund. Trail: The proposed trail improvements are currently unfunded. Project staff is pursuing Ramsey County Community Development Block Grant funding, as well as MnDOT Active Transportation Grant funding. If needed, trail improvements could also be funded through the City’s MSA account but would result in the reprioritization of other city projects. FINANCING SUMMARY – VADNAIS HEIGHTS Proposed financing for this project is shown in the table below: Table 4: Vadnais Heights Financing Summary Item Total Estimated VH Cost MSA Account Capital Improvement Fund Special Assessments Water Utility Sewer Utility Surface Water Utility Grants or LC Cost Share Street $693,647 $574,204 $0 $119,443 $0 $0 $0 $0 Sanitary Sewer $8,211 $0 $0 $0 $0 $8,211 $0 $0 Watermain $30,084 $0 $0 $0 $30,084 $0 $0 $0 Storm Sewer $63,342 $0 $0 $0 $0 $0 $63,342 $0 Trail $400,996 $0 $0 $0 $0 $0 $0 $400,996 Total $1,196,280 $574,204 $0 $119,443 $30,084 $8,211 $63,342 $400,996 *Includes total estimated costs and financing for the City of Vadnais Heights only.