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2012 Street Improvements Page 3 <br />City of Little Canada <br />PROJECT COST <br />❑ Total estimated project cost of $85,500 <br />❑ Cost is estimated from pricing received on 2011 project utilizing seeding and <br />some anticipated cost increases. <br />❑ It is estimated sod will increase project cost $5,240.00. <br />ASSESSMENT POLICY <br />❑ Street Rehabilitation <br />Y 50% of project cost assessed excluding storm sewer repairs <br />Y Based on seeding the estimated assessments currently due are $42,000.00, <br />with total assessments of $43,500.00 including deferrals. <br />Y 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 $1,875.00 with seeding, increases to $1,991.96 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 />25 <br />