09-16-25 City Council Meeting Packet

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Neighborhoods can be adjusted as shown below. Assessments for street and drainage improvements will be levied over a 15-year period and charged an interest rate of 5.5%. Table 1: Preliminary and Final Assessment Amounts Neighborhood Preliminary Unit Assessment Preliminary Assessment Revenue Final Unit Assessment Final Assessment Revenue Irish Court $10,700 for 7 units $74,900 $8,300 for 7 units $58,100 Teal Pass Estates $17,500 for 13 units $227,500 $13,500 for 13 units $175,500 55th St / 57th St / Julep Way $14,200 for 16 units $227,200 $11,000 for 16 units $176,000 Lake Elmo Vista (55th St) $22,300 for 5 units $11,150 for 1 unit $122,650 $17,200 for 5 units $8,600 for 1 unit $94,600 Prairie Hamlet $7,750 for 17 units $131,750 $6,000 for 17 units $102,000 Totals $784,000 $606,200 FISCAL IMPACT: The estimated total project cost at completion is $2,015,000; of these costs, $606,200 will be specially assessed. The remaining costs will be funded through the project bond proceeds and the general tax levy. OPTIONS: Adopt the Resolution declaring costs to be assessed and call for a hearing on the proposed assessment. Do not move forward with costs or the call for a hearing and provide direction to Staff on next steps. RECOMMENDATION: Staff is recommending the City Council approve a Resolution Declaring Costs to be Assessed and Calling for a Hearing on the Proposed Assessment. The Recommended motion is as follows: Motion to approve Resolution No. 2025-061, Declaring Costs to be Assessed and Calling for a Hearing on the Proposed Assessment. ATTACHMENTS: 1.Resolution Declaring Costs to be Assessed and Calling for a Hearing on the Proposed Assessment. 2.Notice of Hearing on the Proposed Assessment 3.Estimate to Complete – Total Project Cost Summary. 4.Final Assessment Roll.