HomeMy WebLinkAbout20081020 - VII-03MEMO ~II.3
To: Honorable Mayor and City Council
From: Nick Egger -City Engineer
Date: October 16, 2008
Re: Public Hearing - 2007 Improvement Program Assessments
The Public Hearing for the 2007 Improvement Program Assessments will include the
following projects:
2007-1 5th Street Area - 5th Street between Spring Street & State Street, 6th
Street between Pine Street & State Street, 7th Street between Pine
Street & State Street, Ashland Street between 5th Street & 6th Street,
Forest Street between 4th Street & 6th Street, Spring Street between
4th Street & 6th Street
• 2007-3 Quiet Zone - 2nd Street between Tyler Street and Canadian Pacific
Railway, Crossing, 3rd. Street at Canadian Pacific Railway Crossing
ASSESSMENT POLICY
Under the City's assessment policy, assessments are based on the benefit received from
the improvement and not on the cost to construct the improvement. Benefit is defined as
the increase in property value directly attributable to improvement constructed. The
policy assesses properties based on 90% of estimated benefit received from the
improvements and reduces the assessment to the long side of a corner lot to 25% of the
estimated benefit front foot cost
PR07ECT 2007-1, 5T" STREET AREA
PROJECT FUNDING SUMMARY
FUNDING SOURCES
Assessments
Water Fund
Wastewater Fund
Bonded Debt
Total Project Costs
AMOUNT
$787,065.00
$611,692.02
$419,136.92
$1,303,164.42
$3,121,058.36
IMPROVEMENTS
This project consisted of the reconstruction of streets, sidewalks, and storm sewers in the
5th Street area, and complete replacement of water and sanitary sewer utilities.
ASSESSMENT RATE: $60/Frontage Foot
This rate is unchanged from the February 2007 Feasibility Report
PROJECT ZOO7-3 QUIET ZONE
PROJECT FUNDING SUMMARY
FUNDING SOURCES AMOUNT
Assessments $77,895. i 9
Total Project Costs $77,895.19
IMPROVEMENTS
This project involved construction of two median islands on Second Street on each side
of the railroad crossing, as well as the installation of a vehicle gate on Third Street at the
railroad crossing. Modifications of these medians, along with the closure of two access
driveways were included in the 2008 Downtown Street and Watermain Improvements
project and are not considered part of this project. Costs for those modifications will be
assessed when the Downtown Street & Watermain project is assessed in the fall of 2009.
ASSESSMENT RATE: 100% of the project costs are being assessed against HRA property
on Block 1 of the Original Town of Hastings
COUNCIL ACTION REQUESTED
Council is requested to approve the enclosed resolutions adopting the proposed
assessments for the 2007 Street and Utility Improvement Programs.