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2012 Street Improvements Page 3 <br />City of Little Canada <br />PROJECT COST <br />❑ Total estimated project cost of $108,000 <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 $4,200.00 <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 $47,500.00, <br />with total assessments of $48,732.93 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 />❑ Commercial <br />➢ Property w/o driveway access assessed for footage at initial residential rate. <br />➢ Property with driveway access assessed for footage at commercial rate (2X <br />initial residential rate). <br />❑ Residential <br />➢ It is proposed to utilize a unit assessment. All residential property assessed <br />on a per unit basis $1,232.93 with seeding, increases to $1,287.44 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 />4 <br />