04/20/2005 Council Packet - Laserfiche WebLink

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Draft • Draft 04 -18 -2005 Draft 1. General Obligation Street Reconstruction Bonds authorized under Minnesota Statutes Chapter 475 for reconstruction projects where the existing street width is adequate and /or where no additional improvements, such as curb and gutter, are needed. 2. General Obligation Improvement Bonds authorized under Minnesota Statutes Chapter 429 for reconstruction projects where the existing street width is not adequate and /or where additional improvements, such as curb and gutter, are needed and at least 20% of the project cost is to be assessed. 3. General Obligation Bonds authorized under Minnesota Statutes Chapter 475 for reconstruction projects where the existing street width is not adequate and/or where additional improvements, such as curb and gutter, are needed and less than 20% of the project cost will be assessed. Street reconstruction projects financed through these means will be funded from special assessments to benefited properties, proceeds from the storm water utility, and city tax levies and other sources. C. Municipal State Aid Streets. III 1. MSA funds or bonds will be used to finance reconstruction of streets designated as part of the City's MSA system. 2. Properties benefiting from these projects will specially assessed according to the same formula used for benefited properties on local streets. • 3. Other financing sources, including but not limited to, proceeds from the storm water utility and city tax levies may also be used. VI. STORM WATER UTILTY The City Council shall establish and maintain a storm water utility as authorized under Minnesota Statutes Chapter 444, for the purpose of financing those costs of the PMP related to storm water improvements, and for maintaining the storm water management system. VII. ASSESSMENTS A. The following is the general Street Reconstruction Policy for special assessments to benefiting property. 1. It is the policy of the City to special assess abutting benefiting property for street reconstruction costs, but not in excess of the special benefit to the Pavement Management Policy 3 04/18/05