HomeMy WebLinkAboutItem 07.d
Date:
Proposed
Staff reco
Resolutio
Improve
Overview
Based o
$1,041,44
$120,754
Front Fo
Staff has
Primary
Proje
Proje
Proje
Spec
Spec
Support
Table
Monica H
Operatio
Financial I
Related Do
Communit
1 June 2015
K
d Action
ommends a
on Adopting
ment Projec
w
n the low
45. The to
4.44. The fro
ot Assessme
not receive
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:
5
RESOLU
CITY
KENSINGTO
doption of t
g Assessmen
ct.
bid prices
otal cost to
ont foot asse
ent Rate
ed any calls r
Consider (Se
otal
nancing
asibility Rep
ents: Terms
ents: Feasib
ation
ng costs, fina
ntenance En
$1,041,445
P, ERP, etc.):
Good Value f
UTION ADOP
Y IMPROVE
ON BOULEV
the followin
nts for City P
received, t
o be specia
essment is a
regarding th
ee attached
port vs. Bid R
and conditi
ility Report v
ancing, and
ngineer
Budge
for Public Serv
PTING ASSE
EMENT PRO
VARD IMPRO
g motion: M
Project 15-04
he total co
ally assessed
as follows:
he special as
d)
Results
ons
vs. Bid Resu
proposed as
eted: Yes
vices
Ite
ESSMENTS
OJECT 15-04
OVEMENT P
Motion to ap
4, the Kensi
ost for this
d to the af
ssessments f
ults
ssessments
Source:
em No.
FOR
4
PROJECT
pprove the a
ngton Boule
project is
ffected pro
for the proje
are attache
429 Bonds &
attached
evard
expected t
operty owne
$48.42/FF
ect.
ed.
& Utility Funds
to be
ers is
F
s
2
Primary Issues to Consider
Project Costs: Total
Total
Street Contract 701,785$
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$ 664,508$ 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$ 920,691$ 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 ADOPTING ASSESSMENTS FOR
IMPROVEMENT PROJECT 15-04
KENSGINTON BOULEVARD IMPROVEMENT PROJECT
WHEREAS, pursuant to proper notice duly given as required by law, the Council
has met, heard and passed upon all objections to the proposed assessment for 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. Such proposed assessment No. 1329 in the amount of $120,754.44, a copy of
which is attached hereto and made a part hereof, is hereby accepted and shall constitute
the special assessment against the lands named therein, and each tract of land therein
included is hereby found to be benefited by the proposed improvement in the amount of
the assessment levied against it.
2. Such assessments shall be considered payable in equal annual principal
installments over a period of twenty (20) years, the first of the installments to be payable
on or before the first Monday in January 2016. The assessment shall bear interest at the
rate of 4.8% percent per annum from November 15, 2015. To the first installment shall
be added interest on the entire assessment from November 15, 2015 until December 31,
2016. To each subsequent installment when due shall be added interest for one year on
all unpaid installments.
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 Treasurer, except that no interest
shall be charged if the entire assessment is paid before November 15, 2015. The owner of
any property at any time thereafter may pay to the City Treasurer 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 15th or
interest will be charged through December 31 of the succeeding year.
4
RESOLUTION, CONT.
PAGE TWO
4. The City Clerk shall forthwith transmit a certified duplicate of this assessment
to the County Auditor to be extended on the proper tax lists of the county, and such
assessments shall be collected and paid over in the same manner as other municipal taxes.
DATED this _____day of ________________ 2015.
CITY OF LAKEVILLE
_________________________________
M a t t L i t t l e , M a y o r
ATTEST:
_____________________________
Charlene Friedges, City Clerk
JUPI T E R C T
205TH ST W
J
U
P
I TE
R C I R
JUPITERPATH
KALMEADOW C T
210THSTW
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KAFTAN C T
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210TH ST W
KENS I N G T O N W A Y
K A I S E R W A Y
K E N S I N G T O N B L V D
K E A R NE
Y
P A T H
J U R A TR L
5
24
3
1
2015 Kensington BoulevardImprovement ProjectParcel Assessment
Project Location
Assessment Parcels ²
0 400 800200Feet
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Date: 4/29/2015
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9 FRONT FOOTAGE (LF)PROPOSED ASSESSMENT
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