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2012 Street Improvements Page 3 <br />City of Little Canada <br />PROJECT COST <br />❑ Total estimated project cost of $79,000 with seeding <br />❑ Cost is estimated from pricing received on 2011 project with seeding and some <br />anticipated cost increases. <br />❑ It is estimated sod will increase project cost $3,488.00 <br />ASSESSMENT POLICY <br />❑ Street Rehabilitation <br />➢ 50% of project cost assessed excluding storm sewer repairs <br />➢ Based on seeding the estimated assessments currently due are $38,500.00, <br />with total assessments of $38,901.04 including deferrals. <br />➢ Due to the likelihood that the deferred assessment will not be collected, the <br />amount will offset the City's share of the cost if it is ever collected. <br />➢ It is proposed to utilize a unit assessment. All residential property assessed <br />on a per unit basis $2,005.21 with seeding, increases to $2,096.04 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 />18 <br />