06/11/2007 Council Packet - Laserfiche WebLink

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VIII. FINANCING AND PROJECT ASSESSMENTS The streets identified for reconstruction are proposed to be funded by a combination of special assessments and general tax levies. Because a general tax levy is necessary to fund a portion of the costs associated with the improvements, the City must obtain voter approval prior to proceeding with such improvements. If authorization to proceed is granted by a referendum, it is expected that a portion of the improvement costs would be funded by the issuance of general obligation bonds with the debt service paid by a property tax levy. The remaining improvement costs would be funded by special assessments to the benefiting properties. The watermain extension costs would be assessed 100% to the benefiting properties in accordance with City policy. Assessments amounts would be consistent with the policies of the City of Lino Lakes and with the requirements of the City Charter and Minnesota State Law. However, property owners may within 60 days of the Public Hearing, petition against the Project. In accordance with the current City policy, street assessments (street and storm sewer) shall be assessed on the basis of a lot/unit assessment. For a single family area, the calculated assessment rate is the quotient of the one half of the total cost of the improvement divided by the total front footage for the improvement. This Calculated Assessment Rate (CAR) shall be compared to the Maximum Assessment Rate (MAR), and the lesser of the two shall be used. The current Maximum Assessment Rate for streets and drainage is $83.10 /Foot. This Project area is in the R -1 Zoning District, which would mean an 80 -foot wide lot size will be used to calculate the Lot/Unit Assessments. The Street/Storm Assessment Rates are calculated as shown below. Street/Storm Total Street and Drainage Cost $ 1,478,000.00 Total Front Frontage $ 7,841.00 Calculated Assesment Rate (CAR) $ 94.25 Maximum Assessment Rate (MAR) $ 83.10 Assessable Units 69 Lot/Unit Assessment Rate ($ /Lot) $ 6,648.00 Total To Be Assessed $ 465,360.00 8 13849.004