11/25/1996 Council Packet - Laserfiche WebLink

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Financing The estimated costs for the project are outlined in the feasibility report and are summarized below. The costs include 10% contingency allowance and 30% allowance for engineering, legal and financing costs. Improvement Cost Sanitary Sewer $329,200 Watermain $253,300 TOTAL $582,500 Project financing will follow the City of Lino Lakes policy on financing public improvements. Trunk costs, including oversizing of pipes and extra depth construction, are proposed to be funded by the City through the Area and Unit Fund. The remaining costs are proposed to be funded by special assessments to benefiting properties. The following is a summary of funding sources for the proposed project. Funding Source Amount Special Assessments $495,300 Area and Unit Funds $ 87,200 TOTAL $582,500 Assessments Assessments to benefiting properties are proposed for this project according to City Charter and State Statute. The proposed project is located in a portion of the City that is exempt from the Charter. All public improvements in the area shown on Exhibit C are subject to Minnesota Statutes Chapter 429. Homesteads that exist in this area can petition against the proposed improvements and delay any special assessments to their property until such time that the property is no longer a residential use or connects to the utilities. Each of the three property owners that reside in this area has been contacted and it is expected that they will sign a petition prior to the public hearing. Assessments are proposed at the following rates: Sanitary Sewer Area Charge Watermain Area Charge $1,983 per acre $2,114 per acre Additional connection charges will be charged as properties develop.