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<br />Prepared by: Bolton & Menk, Inc. FINANCING <br />2024 Country Drive Improvements ǀ 0N1.125375 Page 6 <br />VII. FINANCING <br />Street: The City’s Assessment Policy for rehabilitated urban streets outlines that 50% of street <br />rehabilitation costs, including any cost associated with the repair of curb and gutter, shall be <br />assessed to the benefited properties. The special assessment policy includes special provisions for <br />corner lots, commercial properties, lots that have already been assessed, and minimum/maximum <br />front footages; notes and adjustments for these parcels are listed in the Assessment Rolls in <br />Appendix C. The remaining street costs will be funded using the City’s Infrastructure Capital <br />Improvement Fund. <br />Country Drive is recommended to be assessed on a per front footage basis due to the varying size <br />and use of the properties being assessed. As such, parcels are assigned a front foot rate, adjusted in <br />accordance with the special provisions described above. The total assessable cost is then multiplied <br />by the front footage of the corresponding parcel. <br /> <br />Table 5 – Street Assessment Calculation <br /> Assessable Costs <br />Total Street Assessable Costs $701,000 <br />Assessment Ratio Per Policy 50% <br />Assessed Street Costs $350,500 <br />Total Front Footage 4,393 <br />Street Assessment Per Front Foot $79.79 <br /> <br />Water, Sewer, and Storm: This project includes only minor water, sanitary, and storm sewer <br />repairs. As such, in accordance with the City’s Special Assessment Policy, water, sanitary, and <br />storm sewer improvements will not be assessed. Instead, they will be funded by the City’s <br />Infrastructure Capital Improvement Fund. <br /> <br /> Financing Summary <br />The financing summaries shown below are based on the City’s Special Assessment Policy as <br />described in the previous sections. <br /> <br />Table 3: Little Canada Financing Summary <br />Item Estimated Cost MSA Account <br />Infrastructure <br />Capital Improvement <br />Fund <br />Assessments <br />Street $701,000 $450,000 $0 $259,225 <br />Storm Sewer $133,515 $0 $133,515 $0 <br />Sanitary Sewer $2,444 $0 $2,444 $0 <br />Sanitary Sewer $2,947 $0 $2,947 $0 <br />Total $839,906 $450,000 $138,906 $259,225