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2012 Street Improvements Page 3 <br />City of Little Canada <br />PROJECT COST <br />❑ Total estimated project cost of $117,500.00 <br />❑ Cost is estimated from pricing received on 2011 project with some anticipated <br />cost increases. Sod would increase cost $3,200. <br />ASSESSMENT POLICY <br />❑ Street Rehabilitation <br />> 50% of project cost assessed excluding storm sewer repairs <br />> Total assessments of $58,300.00 based on seeding <br />❑ Commercial <br />➢ Property w/o driveway access assessed for footage at residential rate. <br />> Property with driveway access assessed for footage at commercial rate (2X <br />residential rate). <br />❑ Residential <br />> It is proposed to utilize a unit assessment. All residential property assessed <br />on a per unit basis $2,008.75 with seeding, increases to $2,065.00 with sod. <br />ASSESSMENT PAYMENT METHODS <br />❑ Pay full or partial assessment amount within 30 days at the City (no interest) <br />❑ After 30 -day period the remainder of assessment is certified at Ramsey County, <br />Paid over 10 years with property taxes (5.25% interest per year) <br />❑ Amount certified at Ramsey County can be paid in full any time during the 10- <br />year period (5.25% interest per year until paid). Pay by November 15th to avoid <br />following year's interest <br />❑ Property owners on a fixed income can utilize an assessment deferral if you meet <br />certain criteria <br />11 <br />