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MINUTE5 <br />CITY COUNCIL <br />FEBRUARY 10, 1993 <br />The City Administrator pointed out that the residents <br />recognize that the reconstruction option is better <br />economically in the long run. <br />Nagle reported that he discussed the projeat with both <br />the County Assessor's office and realtors. The <br />assessor indicated that home valuations would not be <br />effected by street improvements. Realtors indicated a <br />$2,000 to $3,000 increase in property value from a <br />street improvement. <br />Scalze felt that a street in poor condition would be a <br />detriment to the sale of a property. <br />The City Administrator reported that he has discussed <br />the project with a property appraiser who indicated <br />that typically property values will increase by 50% of <br />the cost of the street improvement and 75% of the cost <br />of the curb and gutter. In the case of Lake Street, <br />the appraiser felt there would be an increase in <br />property value at a rate of $52 per lineal foot. For <br />Vanderbie/Allen he estimated the increase at a rate of <br />$57 per front foot. The appraiser has indicated that <br />assessments in the range of $50 to $55 per lineal foot <br />are supportable from a benefits received standpoint for <br />these projects. <br />LaValle asked if the City Engineer had reviewed Mr. <br />Nagle's project cost estimates. <br />The City Engineer replied that he had not, however, <br />felt that his own estimate would be pretty close to <br />actual costs. The Engineer pointed out the need for <br />contingency factors in estimates indicating that there <br />are always additional small items that come up in any <br />construction project. <br />The Engineer also explained the contaminated soils <br />under the street, and pointed out that these soils are <br />frost prone. <br />Nagle pointed out that the street has lasted 24 years. <br />Nagle indicated that it appears that several City <br />streets are showing the same signs of wear that Lake <br />Street is and that these streets are not yet 20 years <br />old. <br />The City Administrator replied that this is why City <br />street standards are changing and fabrics and drain <br />tile is beinq used more. Trapped subsurface water will <br />cause a street to break up. The City is trying to put <br />in a better road section to get a 20-year life. The <br />Administrator felt the City's street standards are <br />better now than they were 10 years ago. <br />Page 7 <br />