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2009 <br />Street Reconstruction <br />Referendum <br />Information <br />( I 1 1 it4/a`t O 1- <br />LNOLHKES <br />600 Town Center Parkway <br />Lino Lakes, MN 55014 <br />PRSRT STD <br />U.S. Postage PAID <br />Permit No. 225 <br />Osseo, MN <br />Remember to Vote on Tuesday, Nov. 6 <br />Referendum Question <br />"Should the City of Lino Lakes <br />be authorized to undertake <br />the 2009 Street Reconstruction <br />Project, and to pay approxi- <br />mately 51.5% of the cost from <br />special assessments levied <br />according to city policies and <br />48.5% of the cost from the city <br />general fund including reve- <br />nues from a levy on all taxable <br />property in the city"? <br />Two Informational Open Houses Scheduled <br />Lino Lakes City Hall Community Room <br />600 Town Center Parkway <br />Two Open House meetings are scheduled to provide an opportunity for the resi- <br />dents of Lino Lakes to review information and ask questions regarding the referen- <br />dum. City staff and financial and engineering consultants will be present to provide <br />information and answer questions regarding the proposed referendum. <br />Wednesday, October 24 5 p.m. to 7 p.m. <br />Tuesday, October 30 5 p.m. to 7 p.m. <br />For additional referendum information visit the city's website at: <br />www.ci.1ino-Iakes.mn.us <br />Click on Current Events - <br />2009 Street Reconstruction Project <br />or <br />Cable Channel 16 <br />How will this affect property taxes? <br />The total cost of the 2009 Street Reconstruction Project is estimated <br />to be $5,583,000.00. The project is proposed to be financed by issu- <br />ance of bonds payable over 15 years. The project cost will be cov- <br />ered two ways: 48.5% is proposed to be supported by tax levy, and <br />the remainder (51.5%) paid by special assessments to the affected <br />property owners. The annual payments on the bonds are covered by <br />an increase in property taxes spread over the city's entire tax base. <br />The estimated amount of property taxes to be raised annually is ap- <br />proximately $288,499. <br />The estimated costs are based on the city's 2007 estimated market <br />value and do not take into consideration any residential, indus- <br />trial and commercial growth in 2007 and beyond. As the tax base <br />increases, the financial impact to property owners is expected to <br />decrease. <br />Estimated Cost to Property Owner <br />Assessor's <br />Market Value <br />Estimated Estimated <br />Annual Cost Monthly <br />$200,000 $30.00 $2.50 <br />$250,000 $38.00 $3.17 <br />$300,000 $45.00 $3.75 <br />$350,000 $53.00 $4.42 <br />$400,000 $61.00 $5.08 <br />$500,000 $76.00 $6 <br />