11-01-2007 Charter Packet - Laserfiche WebLink

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e s,s' Lino Lakes residents to vote on street reconstruction LINO LAKES — Two open houses have been scheduled to give residents an opportunity to learn more about a referen- dum efereedum for, street reconstruction. Residents will be asked to vote on a tax levy on Nov 6 to be used for reconstruction of West Shadow Lake Drive (from Birch Street to its northern ter- minus), Shadow Court and Sandpiper Drive. „Illap city of Lino Lakes has a ximately 100 miles of loczu streets that need to be maintained. Several years ago, the City Council initiated a pavement management plan to identify what street improve- ments were necessary, while minimizing costs to property owners and taxpayers. As the city ages, the need for recon- struction of local streets increases. Streets that are in poor condition or have storm water drainage problems sub- stantially increase city mainte- nance costs. Eventually, it becomes more cost-effective to replace the street than contin- ue to maintain it. Funding for local streets is typically dependent on special assessments to benefiting properties and general proper- ty tax levies. Because the cost of street reconstruction typi- cally exceeds the amount that can be assessed, a general tax levy often becomes the pri- mary funding source for local street improvements. The city charter governs, in part, public improvements and special assessments. The char- ter requires voter approval if a public improvement is financed partially by special assessments to benefiting property owners. Since it is the city's desire to minimize taxes, benefiting property owners are specially assessed. Therefore, reconstruction of local streets within Lino Lakes is solely determined by the residents of the city. In 2003 and 2005, the referendum for reconstruction of these streets failed. Cost Breakdown If the voters approve the referendum on Nov. 6, the cost to a property owner is estimated to be: Assessor's Market Value $200,000 $250,000 $350,000 $500,000 The reconstruction, `if passed, will be completed in 2009. The total cost is estimated to be $5.5 million, financed by the issuance of bonds payable over 15 years. The project cost will be covered two ways: 48.5 percent is proposed to be sup- ported by tax levy, and the remainder (51.5 percent) paid by special assessments to the affected property owners. The annual payments on the bonds are covered by the increase in property taxes spread over the city's entire tax base. The esti- mated amount of property taxes to be raised annually is approximately $288,499. The city will hold open hous- es Oct 24 and Oct 30 from 5 to 7 p.m. at City Hall, 600 Town Center Parkway. City staff will be there to answer questions. For more information, visit www.ci.lino-lakes.mn.us or contact the community devel- opment department at 651-982- 2424. Estimated Annual Cost $30.00 $38.00 $53.00 $76.00