12-14-2022 Council Packet - Laserfiche WebLink

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Prepared by: Bolton & Menk, Inc. FINANCING 2023 Street Improvements (Sunrise Drive Mill and Overlay) ǀ 0N1.127995 Page 4 IV. 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 cost s will be funded using the City’s Infrastructure Capital Improvement Fund. Sunrise Drive is 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. The parcel located at 2395 Edgerton Street is an oversized lot that can be subdivided and is therefore receiving three unit assessments. 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. A per unit assessment method is being utilized for Sunrise Drive due to the consistency of adjacent property sizes and uses. The estimated per policy assessments for street improvements are: • Unit Assessment Rate $2,267 Appendix C identifies the Assessment Roll and benefiting properties.