03-25-1996 CC - Laserfiche WebLink

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At this time the construction of the pond is within the project. Consideration of the size of the pond will be researched considering the construction of Old Hwy 8 and the mitigation of wetland for the path construction. This project is proposed to be assessed in accordance with the new revisions to Chapter 202 of the Municipal Code. A brief review of the estimated project cost accompanied by the assessment percentages are provided below: Estimated Project Costs are as follows: Street $ 307,988 Storm Sewer 224,144 • Ponding 239,223 Sanitary Sewer Main 40,563 Sanitary Service Replacement 5,505 Total Estimated Construction $ 823,345 Pond Property Acquisition 330,000 TOTAL PROJECT $1,153,345 • Pond costs may be higher if constructed larger for future mitigation bank Unit Costs are as follows: Street Assessment $30.53 per frontage foot Storm Ponding Assessment $1,419.21 per acre (does not include land acquisition) (land acquisition would add $1,958 per acre, $330,000 / 84.28 acres/2) Storm Sewer Main Assessment $996.91 per acre Sanitary Main Assessment $1,505.63 per unit serviced Sanitary Service Assessment $762.36 per service MSA will pay for land acquisition of the larger parcel, however this expenditure will exceed the City's account balance. Pending projects scheduled for the near future, Old Hwy 8, and reconstruction of Spring Lake Road, will require State Aid Funds. The Surface Water Management Fund balance is approximately $230,000.00. TIF funds are a possible use for the purchase of the two parcels fronting Edgewood Drive. The calculated cost of these combined parcels is $38,250.00. Staff will research the possible funding sources and present them to Council at the April work session.