Agenda Packets - 2004/05/10 - Laserfiche WebLink

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At the May 3, 2004, City Council Work Session, the Mayor offered a possible way by which the grant monies could be applied. The proposal was to take the total project cost, reduce it by the amount of the grant and then divide the remaining amount equally between the City and the Park. Given this, the revised funding is as follows: $28,650.00 Public Street Work $17,350.00 Private Driveway Work $46,000.00 Total estimated cost $30,000.00 minus grant amount $16,000.00 to be divided equally City’s cost $8,000.00 Park’s cost $8,000.00 TOTAL FUNDING City Contribution $8,000.00 Park Contribution $8,000.00 CDBG Grant + $30,000.00 Total Funding $46,000.00 Other Financial Factors At this time, the City Council has NOT ordered this project. The purpose of determining the finances / funding sources for providing a second access is so this information can be communicated to the owner of the Mounds View Manufactured Home Park. Should the owner of the Mounds View Manufactured Home Park petition the City for this public improvement by providing a second access, other financial issues will need to be addressed. On April 26, 2004, when declaring the assessments for the 2003 Street Improvement Project, the City Council established that assessments shall be payable in equal annual installments extending over a period of ten (10) years, the first of the installments to be payable on or before the first Monday in January, 2005, and shall bear interest at the rate of 5.0 percent per annum from the date of the adoption of the assessment resolution. Staff recommends that the same rate and period be applied to this project with the stipulation that a petition of public improvement be made by July 1, 2004.