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<br />period would commence. If no petition is rec eived the council could order preparation of <br />plans and specification in August. Construction would commence in spring of 2015. <br /> <br />If an election is petitioned for we would place the question on the November 2014 ballot. <br />If approved the plan development proc ess would start in December of 2014 with design <br />and permitting extending to midsummer 2015 with a late summer bid and construction. <br />Alternatively the project could be designed in 2015 with bidding and construction taking <br />place in 2016. <br /> <br />The council should be aware that the state law does limit spending on street widening and <br />installation of curb and gutter where none previously existed. Unless necessary for safety <br />reasons or inci dental to the reconstruction project other funding sou rces may be necessary <br />for these items. <br /> <br />Next Steps <br /> <br />As disc ussed at the January work session , i n order to prepare for a reconstruction project <br />in 2015 , the council will need to determine the preferred financing alternative by March <br />of 2014. <br /> <br />A determination by the council on the use of special assessments is the primary <br />consideration at this point. If we intend to use special assessments as a funding source <br />then either following the current charter process or seeking an amendment is our critical <br />path. The City could still use street reconstruction bonds under these scenario s but an <br />election would still be requir ed. <br /> <br />A comparative analysis showing tax implications for various levels of bonding based on <br />residential home values was prepared in 2012. The information shows the p roperty tax <br />difference between a project with 20% of the cost assessed and one where there are no <br />special assessments , assum ing a $2,000,000 bond issue . While this information needs to <br />be updated to reflect current rates it does provide an example of the property tax <br />differences between Options 1 and 2 . <br /> <br />Staff is continuing to work on the development of a Five Year Street Reconstruction <br />Plan. Identification of the top 10 project areas is being determined using both the <br />pavement ratings and traffic counts. Staff will also be developing estimated construction <br />costs for the identified project areas. <br /> <br />Requested Council Di rection <br /> <br />Staff is requesting council direc tion on the use of special assessment s for funding the <br />pavement management street reconstruction program . <br /> <br />Attachments <br /> <br />1. Overview of Bonding Options <br />2. Bond Issue Comparative Analysis <br />3. Current Pavement Management Street Con dition Map