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Feasibility Report <br />2024 / 2025 Street Reconstruction and Municipal Sewer and Water Extension Project Colonial Woods City of Lino Lakes, MN WSB Project No. 023620-000 Page 7 This would result in a funding gap of $23,245 per unit/lot which totals $674,351. The City could consider <br />fundi ng the gap through the Area & Unit Trunk Fund. The Area & Unit Trunk Fund would be reimbursed <br />through a special project specific trunk connection fee. <br />All properties when connecting to municipal sewer and water services pay a standard trunk connection <br />fee in the amount of $7,429 per unit/lot (adjusted annually). The funding gap of $23,245 per unit/lot <br />minus the standard trunk connection fee in the amount of $7,429 per unit/lot equals $15,816 per unit/lot. <br />A special project fee would be established to include the base fee plus 50% of the funding gap on a per <br />lot basis. Based on this scenario property owners would pay an additional connection fee of $7,908 upon <br />hook up for a total connection fee of $15,337. The City’s Area & Unit Trunk Fund would fund the balance <br />of the funding gap as outlined below: <br />2024 / 2025 Street and Utility Improvement Project Proposed Detailed Funding <br />Area & Unit Trunk Fund <br />Total City Funds Property Owner Connection Fees Oversizing Additional <br />Match Costs <br />Additional <br />Match Connection Standard Connection Fee Sanitary Sewer $111,376 $116,000 $116,000 $97,527 $440,903 <br />Watermain $136,079 $113,332 $113,332 $117,914 $480,657Total $247,455 $229,332 $229,332 $215,441 $921,560Preli <br />minary assessments are calculated on a per unit basis for benefitting parcels along the streets within <br />the project area. Benefitting parcels would be assessed over a period of 15 years, collected with property <br />taxes, at an interest rate set at 2% above the City’s borrowing rate. Last year’s interest rate was 5%. At <br />a 5% rate over 15 years, the assessments would be $1,735/year or $145 per month. <br /> The City also provides for the trunk connections fees to be specially assessed at the time of connection. <br />A compilation of connection cost and assessments per property is outlined in Appendix D. <br />306