2004-139 Council Resolution - Laserfiche WebLink

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• • • City of Lino Lakes September 20, 2004 Page 2 infrastructure improvements, YMCA commitments, Metropolitan Council grants, and most specifically the developer's request for assistance. Special Assessments Typically, a maximum special assessment amount would be established within the development agreement including a waiver from the developer requiring acceptance of special assessments up to that amount. Should the project come in below the estimated costs, the special assessments would then be reduced accordingly. Total estimated infrastructure costs, as identified in the feasibility study, include the following: TABLE 1 Sanitary Sewer $8,382,027 $242,590 Water Main Tax increment and other sources toward Lake Drive improvements $492,356 Storm Sewer Total cost (assessed to developer) $5,382,865 New $647,115 Reconstruction $210,819 Street New $1,060,196 Reconstruction $573,807 Streetscape $1,246,717 Community Green Streetscape $147,736 Park Improvements $442,541 Lake Drive $2,401,521 Street Lighting $916,630 Total Project Cost Estimate $8,382,027 The following revenues m ay be applied to reduce the cost to the developer: TABLE 2 Total Project Cost Estimate $8,382,027 Park Dedication fees (paid by the developer and sub - developer s) ($442,541) ($2,401,521) ($155,100) Tax increment and other sources toward Lake Drive improvements Other sources (trunk utility fund) Total cost (assessed to developer) $5,382,865 Proiect Assistance Tax Increment Financing (TIF) can be used to pay for a variety of costs related to this project. The City also has as an additional potential source of assis tance, the Livable Communities grant of $450,000, which the developer has req uested to reduce the extraordinary costs of site