Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />JANUARY 23, 2012 <br />part of the property owner to successfully establish. He indicated that if <br />the neighborhood prefers, sod can be used rather than seed. <br />The Engineer estimated the proposed project cost at $108,000. He <br />indicated that this cost is estimated from pricing received for 2011 projects <br />utilizing seeding as well as planning for some cost increase. Changing <br />from sod to seed would add approximately $4,200 to total project costs. <br />The Engineer then reviewed the City's Assessment Policy noting that the <br />cost of a mill and overlay project is shared equally between the City and <br />property owner. He noted, however, that the cost of storm sewer repairs is <br />not assessed to property owners, but paid by the City. The Engineer <br />estimated that the total amount to be assessed against Park Street <br />properties is $47,500, with total assessments of $48,732.93 including an <br />anticipated development deferral for one property that has the potential to <br />subdivide. It is likely that the anticipated deferred assessment will not be <br />collected. The Engineer then described how the City's Assessment Policy <br />addresses the assessment of commercial versus residential properties. He <br />noted that those commercial properties with direct access on Park Street <br />are proposed to be assessed at twice the residential rate. "Those <br />commercial properties without access would be assessed at the residential <br />rate. <br />The City Engineer then reviewed assessment payment methods which <br />include payment of the assessment in full or part by the property owners <br />with no interest within 30 days of adoption of the assessment. Property <br />owners can also have their assessment certified to Ramsey County for <br />collection with property taxes. Those assessments would be spread over a <br />10 year period. Interest would be charged, with the Engineer noting that <br />the interest rate for 2011 assessments was 5.25 %. He noted that once <br />certified to the County, assessments can be paid in full any time in the <br />future, but recommended that payments be made prior to November 15`1' <br />of the given year, otherwise the full next year's interest is added to the <br />payment balance. The Engineer also pointed out that a property owner on <br />a fixed income can utilize an assessment deferral if certain criteria are met. <br />However, interest does accrue on deferred assessments. <br />The Engineer then reviewed the proposed project schedule as well as <br />construction issues. He noted the estimated Assessment Roll for the <br />project as well as reviewed an example of an assessment amortization <br />schedule for an assessment certified to the County. <br />The City Administrator reported that at the neighborhood meeting <br />property owners were informed that City staff would be recommending <br />the City Council order the improvement and advertise for bids. He <br />2 <br />