HomeMy WebLinkAboutItem 07Date: 11 May 2011 Item No.
RESOLUTION ADOPTING ASSESSMENTS FOR
CITY IMPROVEMENT PROJECT 11 -02
Proposed Action
Staff recommends adoption of the following motion: Motion to approve the attached
resolution adopting assessments for City Project 11 -02, portions of the Glenn, Four Star
1st, Floyd Bentson First, Park Terrace 1st — 3rd and 5th Additions, South Creek, Gilb
Fitzpatrick, Overland 1st — 2nd, Lake Vale Townhomes 1st — 2nd, Lidco, . McNearney
First, and Playfield Additions, properties along Howland Avenue north of 205th Street,
properties along Hughes Avenue north of 205th Street, and properties along 205th
Street between Iberia Avenue and Holyoke Avenue.
Overview
Based on the bid prices received, the total cost for this project is expected to be
$2,397,912.00, as compared to $ 2,820,000.00 presented in the feasibility report. The
total cost to be specially assessed to the affected property owners is $1,014,088.80.
The single - family unit assessment rate for those properties located along 205 Street
(west of the railroad tracks), Iceland Avenue, Idalia Avenue and 207 Street, where new
concrete curb and gutter will be installed, is $5,337.09. Townhomes and duplexes in
this area will be assessed 50% of the single - family unit rate, or $2,668.54.
The single - family unit rate for properties located along all other streets within the
projects is $3,702.92. Townhomes and duplexes will be assessed 50% of the single -
family unit rate, or $1,851.46. Apartments will be assessed 25% of the single - family
rate, or $925.73. Commercial /industrial properties will be assessed 150% of the single -
family unit rate, or $5,554.38.
Primary Issues to Consider
• Special Assessments. Total project costs were lower than presented in the
Feasibility Report and resulted in lower assessments for properties in the project
area.
Supporting Information
• Tables comparing costs, financing, and proposed assessments and the special
as - ' ent row,- attached.
Chris • er . Petree
Ope = s & Maintenance Director
Financial Impact: $2,397,912 Budgeted: Yes Source: Bonds and Assessments
Related Documents (CIP, ERP, etc.): CIP
Notes: Road Reconstruction Bonds and Assessment in accordance with City policies.
• Project Costs: Total
• Project Costs: Financing
Contract
Engineering
Special Assessment
Debt Issuance
Other
Total Project Costs
Street and Storm Sewer Improvements
New Concrete Curb and Gutter
Sanitary Sewer Repairs
Total
The sanitary sewer costs ($14,667) will be financed from the Sanitary Sewer Operating
Fund. The other projects will be financed with the issuance of General Obligation
Improvement Bonds. The City share of cost for the improvement will be financed with a
property tax levy in 2012 — 2014.
• Project Costs: Feasibility Report vs. Bid Results
• Interest rate:
• Term:
Street and Storm Sewer Assessments
City Operating Funds
City Park Assements
City CIP Funds
Total
Primary Issues to Consider
• Special Assessments: Terms and Conditions
Total
$ 1,808,151
$ 325,764
$ 47,790
$ 86,200
$ 130,007
$ 2,397,912
Total
4.0%
20 years
• First payment due with taxes payable 2012
• Senior citizen deferments are available for those who qualify
City of
Lakeville
$ 1,369,756
Special
Assessed
$ 912,771
$ 101,318
$ 2,281,927
$ 101,318
$ 14,667 $ 14,667
$ 2,397,912 $ 1,384,423 $ 1,014,089
Feasibility
Report
$ 1,210,000 $ 1,006,683 -16.8%
$ 18,000 $ 14,667 -18.5%
$ 8,500 $ 7,406 -12.9%
$ 1,583,500 $ 1,369,156 -13.5%
$ 2,820,000 $ 2,397,912 - 15.0%
Bid Results Reduction
• Special Assessments: Feasibility Report vs. Bid Results
Feasibilty
Report Bid Results Reduction
Single Family Assessment Rate $ 4,274.30 $ 3,702.92 -13.4%
Single Family Assessment Rate wIC&G $ 6,655.59 $ 5,337.09 -19.8%
Townhomes and duplexes wil be assessed 50% of the single family rate; apartments will be assessed
25% of the single family rate; commercial /industrial properties will be assessed 150% of the single family
rate.
• Special Assessment Roll (See Attached)
CITY OF LAKEVILLE
RESOLUTION NO.
RESOLUTION ADOPTING ASSESSMENTS FOR
IMPROVEMENT PROJECT 11 -02
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 Portions
of the Glenn, Four Star 1 Floyd Bentson First, Park Terrace 1 — 3rd and 5th Additions,
South Creek, Gilb Fitzpatrick, Overland 1 — 2 "d , Lake Vale Townhomes 1 — 2 Lidco,
McNearney First, and Playfield Additions, properties along Howland Avenue north of
205 Street, properties along Hughes Avenue north of 205 Street, and properties
along 205 Street between Iberia Avenue and Holyoke Avenue, Improvement Project
11 -02.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakeville,
Minnesota:
1. Such proposed assessment No. 1285 in the amount of $1,014,088.80, 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 2012, and shall bear interest at the rate of
4.0% percent per annum from the date of the adoption of this assessment resolution.
The first installment shall be added interest on the entire assessment from January 1,
2012 until December 31, 2012. 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 prior to December 31,
2011; and he or she may, at any time thereafter, 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
December 31, 2011, or interest will be charged through December 31 of the succeeding
year.
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 16 day of May 2011.
ATTEST:
Charlene Friedges, City Clerk
CITY OF LAKEVILLE
Mark Bellows, Mayor
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