Laserfiche WebLink
<br />2 <br /> <br />Project Funding <br />(Little Canada’s Share) <br />Task Special <br />Assessments <br />MSA <br />Withdrawal <br />CDBG <br />Grant <br />Infrastructure <br />Capital <br />Improvement Fund <br />Total Funding <br />Streets $188,752 $241,216 $100,095 $530,063 <br />Sanitary Sewer $23,641 $23,641 <br />Water Main $41,934 $41,934 <br />Storm Sewer $76,898 $76,898 <br />Trail $253,086 $186,839 $439,925 <br />Subtotal $188,752 $318,114 $253,086 $352,509 $1,112,461 <br /> <br /> <br />• Assessments for Twin Lake Boulevard total $188,752 and represent 36% of street costs. <br /> <br />• Final street and overall project costs are slightly lower than originally presented with the <br />Feasibility Report. As such, proposed assessments are approximately 20% lower than <br />originally presented. <br /> <br />• The proposed interest rate for special assessments is 5.5%. The proposed interest rate <br />represents the industry municipal bonding rate of 4.5% plus a 1.0% factor for the City’s <br />finance and administrative costs. <br /> <br /> <br />SOURCE OF FUNDS <br />Street and utility improvements are funded through the City’s Infrastructure Capital <br />Improvement Fund, special assessments, and MSA funding. Trail improvements are funded by <br />the Infrastructure Capital Improvement Fund and a CDBG grant. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the City Council pass resolutions adopting assessments for the Twin Lake <br />Boulevard Improvement Project No. 2023-04. Staff also recommends the City Council Adopt <br />the assessment roll, interest rate, and certification to Ramsey County. <br />