2016-094 Council Resolution - Laserfiche WebLink

Home Search

STAFF ORIGINATOR: MEETING DATE: TOPIC: CITY COUNCIL AGENDA ITEM 6F Michael Grochala, Community Development Director August 22, 2016 Consideration of Resolution No. 16-94, Declaring Cost to be Assessed — Otter Lake Road Extension VOTE REQUIRED: 3/5 Vote INTRODUCTION Staff is requesting City Council consideration to approve the costs proposed to be assessed for the Otter Lake Road Extension Project BACKGROUND The City Council authorized preparation of a Feasibility Study for the Otter Lake Road Extension Improvements on May 23, 2011. The study was received by the Council on January 9, 2012. Following the required mailed and published notice the City Council held a public hearing on February 13, 2012. On March 12, 2012 the Council approved Resolution No. 12-27 authorizing preparation of plans and specifications. In June of 2012 the City Council ordered the improvement. The project was awarded to Arnt Construction Company on March 11, 2013. The total cost of the improvement is $714,561. The cost to be paid by the City is $185,468 and the amount proposed to be assessed is $529,093. The City's share of the project is funded as follows: $36,376 Trunk Area and Unit Fund $149,092 State Aid Street Fund The balance of the project cost is proposed to be assessed against the abutting benefitted properties. In January of 2013 the City entered into a Petition and Waiver Agreement with CM Properties, developer of the McDonalds, covering assessments to properties on the east side of the road. An assessment role allocating the cost to benefitting properties will be completed based on the amount of $529,093. The assessments are proposed to be payable over 10 years at an interest rate of 5 percent. The process will be as follows: 1. Council calls for Hearing on Proposed Assessment. (September 12, 2016) 2. Council holds Hearing on Proposed Assessments and Adopts Assessment Role (October 10, 2016)