HomeMy WebLinkAboutItem 07
Date: 4
RESO
Propose
Staff rec
resolutio
04.
Approva
Improve
Overview
At its M
property
Council o
Bids for
received
front foo
rate esti
updated
portion o
Staff has
the resol
Primary
Proje
Proje
Proje
Spec
Spec
Support
Table
Monica H
Operatio
Financial I
Related Do
Communit
4 May 2015
OLUTION CA
ed Action
commends
on calling a p
l of the re
ment Projec
w
arch 16, 20
y owners as t
ordered the
the project
, the total c
ot assessmen
mated with
to include
of Kensingto
s reviewed t
lution.
Issues to C
ect Costs: To
ect Costs: Fin
ect Costs: Fe
ial Assessme
ial Assessme
ting Inform
es comparin
Heil, PE
ons and Main
mpact: $
ocuments (CIP
ty Values:
ALLING A PU
IM
adoption o
public heari
esolution w
ct 15-04.
015 meeting
to the pend
improveme
t were rece
ost for this
nt rate of $4
h the feasib
the estimat
on Boulevard
the bids and
Consider (Se
otal
nancing
asibility Rep
ents: Terms
ents: Feasib
ation
ng costs, fina
ntenance En
$1,041,445
P, ERP, etc.):
Good Valu
UBLIC HEAR
MPROVEME
of the follow
ng on propo
will result in
g, the Lakev
ing assessm
ent and auth
eived on Ap
project is ex
48.42/FF, wh
bility report
te provided
d, to be fund
d proposed
ee attached
port vs. Bid R
and conditi
ility Report v
ancing, and
ngineer
Budge
e for Public Se
RING ON PR
ENT PROJEC
wing motio
osed assessm
n a special
ville City Co
ment amoun
horized the
pril 24, 201
xpected to b
ich is a 7.2%
($52.16/FF
by Xcel Ene
ded by the C
special asse
d)
Results
ons
vs. Bid Resu
proposed as
eted: Yes
ervices
Ite
ROPOSED A
CT 15-04
on: Motion
ments for C
l assessmen
ouncil held
t. At the co
preparation
5. Based o
be $1,041,44
% reduction
F). The tota
ergy to repla
City’s Street
essments an
ults
ssessments
Source:
em No.
ASSESSMEN
n to approv
ity Improve
nt public h
a public h
onclusion of
n of plans an
on the low
45. This am
in the front
al project c
ace the stre
t Light Oper
nd recomme
are attache
429 Bonds &
NTS FOR CIT
ve the atta
ment Projec
hearing for
earing noti
the hearing
nd specificat
base bid p
mount results
foot assessm
costs have
eet lights alo
ating Fund.
ends approv
ed.
& Utility Funds
TY
ached
ct 15-
City
fying
g, City
tions.
prices
s in a
ment
been
ong a
val of
s
2
Primary Issues to Consider
Project Costs: Total
Total
Street Contract 701,785$
Street Lights 113,267$
Engineering 125,784$
Debt Issuance 39,550$
Other 61,059$
Total Project Costs 1,041,445$
Project Costs: Financing
Total City of
Lakeville
Special
Assessed
Street & Storm Sewer Improvements 775,148$ 695,969$ 110,640$
Street Light Replacement 144,729$ 144,729$
Sanitary Sewer Repairs 5,620$ 4,802 818$
Watermain Repairs 115,948$ 106,652 9,296$
Total 1,041,445$ 952,152$ 120,754$
Project Costs: Feasibility Report vs. Bid Results
Feasibility
Report Bid Results Difference
Property Taxes 713,345$ 700,771$ -1.8%
Special Assessments 121,600$ 120,754$ -0.7%
Water Operating Fund 63,295$ 106,652$ 68.5%
Street Light Operating Fund N/A 113,267$ N/A
Total 898,240$ 1,041,444$ 15.9%
Special Assessments: Terms and Conditions
Interest rate: 4.8%
Term: 20-years
First payment due with taxes payable 2016
Special Assessments: Feasibility Report vs. Bid Results
Feasibilty
Report Bid Results Reduction
Front Foot Assessment Rate 52.16$ 48.42$ -7.2%
3
CITY OF LAKEVILLE
RESOLUTION NO._________
RESOLUTION CALLING A PUBLIC HEARING ON PROPOSED ASSESSMENTS FOR
CITY IMPROVEMENT PROJECT 15-04
WHEREAS, pursuant to the direction of the City Council, the City Clerk has prepared a
proposed assessment roll on the cost of Improvement Project 15-04, The Kensington Boulevard
Improvement Project, which extends from 205th Street to a point just south of the
intersection with 210th Street, City Improvement Project 15-04; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota:
1. A hearing shall be held on Monday, June 1, 2015 at the Lakeville Council Chambers,
20195 Holyoke Avenue, at 7:00 p.m. to pass upon such proposed assessment and, at such time
and place, all persons owning property affected by such improvement will be given an
opportunity to be heard with reference to such assessment.
2. The City Clerk is hereby directed to cause a notice of the hearing on the proposed
assessment to be published once in the official newspaper at least two weeks prior to the hearing,
and she shall state in the notice the total cost of the improvement. She shall also cause mailed
notice to be given to the owner of each parcel described in the assessment roll not less than two
weeks prior to the hearing.
3. The owner of any property so assessed may, at any time prior to certification of the
assessment to the county auditor, pay the whole of the assessment on such property, with interest
accrued to the date of payment, to the City of Lakeville, except that no interest shall be charged if
the entire assessment is paid within 30 days from the adoption of the assessment. The property
owner may at any time thereafter, pay to the City of Lakeville the entire amount of the assessment
remaining unpaid, with interest accrued to December 31 of the year in which such payment is
made. Such payment must be made before November 15 or interest will be charged through
December 31 of the succeeding year.
APPROVED AND ADOPTED this 4th day of May, 2015.
CITY OF LAKEVILLE
_________________________________
M a t t L i t t l e , M a y o r
ATTEST:
_____________________________
Charlene Friedges, City Clerk