HomeMy WebLinkAbout7B Manitou Road Adopt Assessment PresentationAssessment Hearing
October 24, 2016
Construction Update
•Street Paving Complete for the Year
•Driveways Mostly Complete
•Topsoil and Yard Grading This Week
•Sod Placement after Topsoil Placement
Public Improvement Process
Project Schedule
ACTIVITY DATE
Accept Feasibility Report / Call for Public Hearing Completed
Informational Meeting Completed
Conduct Public Hearing/Accept Project / Order Plans & Specifications Completed
Informational Meeting Completed
Approve Plans and Specifications / Order Advertisement for Bids Completed
Open Bids Completed
Accept Bids/Award Contract Completed
Informational Meeting Completed
Construction Underway
Authorize Amount to be Assessed/Schedule Assessment Hearing September 26, 2016
Informational Meeting October 13, 2016
Conduct Assessment Hearing October 24, 2016
Adopt Assessment Roll October 24, 2016
Complete Final Course of Bituminous Pavement July 2017
Assessment Map
ITEMS COST
STREET /STORM SEWER $1,064,380
WATERMAIN IMPROVEMENTS $579,322
SANITARY SEWER IMPROVEMENTS $365,183
WATER QUALITY IMPROVEMENTS $56,881
TOTAL PROJECT COST $2,065,766
Project Expenses
FUNDING SOURCE
ORIGINAL FEASIBILITY
STUDY ESTIMATE AS BID ESTIMATE
FINAL PROPOSED
FUNDING
TAX LEVY $773,238 $660,302 $643,108
ASSESSMENTS $515,492 $432,735 $421,272
WATER QUALITY FUND $12,378 $56,767 $56,881
WATER FUND $1,187,651 $578,167 $579,322
SEWER FUND $477,933 $364,455 $365,183
ESTIMATED PROJECT TOTAL $2,966,692 $2,092,426 $2,065,766
STREET & UTILITIES ASSESSMENT
(UNIT)$11,207 $9,407.28 $8,963.24
Funding Table
Assessment
•Proposed Assessment Amount
•Street & Utilities: $8,963.24
•Interest Rate: 3.69%
•Street & Storm Sewer (40% Assessed): 10 year period
•Assessment Payment Options
•Roll into Property Taxes
•30 Day No Interest Period to Pay Down or Pay Off
•At Any Time Can Pay Off Remaining Assessment with Interest to Date
Sample Payment Schedule
SAMPLE SPECIAL ASSESSMENT PAYMENT SCHEDULE
2016 MANITOU ROAD IMPROVEMENT PROJECT
Assessment Public Hearing Date:Oct. 24, 2016
Parcel ID (PID):0
Property Address:0
STREET & STORM SEWER IMPROVEMENTS WATER & SANITARY SEWER IMPROVEMENTS
Unit Amount 8,963.24$ Unit Amount -$
Term (Years)10 Years Term (Years)20 Years
APR 3.69%APR 3.69%
First Year Interest 69 Days First Year Interest 69 Days
Annual Remaining Annual Remaining
Year Principal Interest1 Payment Principal Year Principal Interest1 Payment Principal
Beginning Balance $8,963.24 Beginning Balance $0.00
1 $896.32 $394.14 $1,290.46 $8,066.92 1 $0.00 $0.00 $0.00 $0.00 $1,290.46
2 $896.32 $297.67 $1,193.99 $7,170.59 2 $0.00 $0.00 $0.00 $0.00 $1,193.99
3 $896.32 $264.59 $1,160.92 $6,274.27 3 $0.00 $0.00 $0.00 $0.00 $1,160.92
4 $896.32 $231.52 $1,127.84 $5,377.94 4 $0.00 $0.00 $0.00 $0.00 $1,127.84
5 $896.32 $198.45 $1,094.77 $4,481.62 5 $0.00 $0.00 $0.00 $0.00 $1,094.77
6 $896.32 $165.37 $1,061.70 $3,585.30 6 $0.00 $0.00 $0.00 $0.00 $1,061.70
7 $896.32 $132.30 $1,028.62 $2,688.97 7 $0.00 $0.00 $0.00 $0.00 $1,028.62
8 $896.32 $99.22 $995.55 $1,792.65 8 $0.00 $0.00 $0.00 $0.00 $995.55
9 $896.32 $66.15 $962.47 $896.32 9 $0.00 $0.00 $0.00 $0.00 $962.47
10 $896.32 $33.07 $929.40 $0.00 10 $0.00 $0.00 $0.00 $0.00 $929.40
11 $0.00 $0.00 $0.00 $0.00 11 $0.00 $0.00 $0.00 $0.00 $0.00
12 $0.00 $0.00 $0.00 $0.00 12 $0.00 $0.00 $0.00 $0.00 $0.00
13 $0.00 $0.00 $0.00 $0.00 13 $0.00 $0.00 $0.00 $0.00 $0.00
14 $0.00 $0.00 $0.00 $0.00 14 $0.00 $0.00 $0.00 $0.00 $0.00
15 $0.00 $0.00 $0.00 $0.00 15 $0.00 $0.00 $0.00 $0.00 $0.00
16 $0.00 $0.00 $0.00 $0.00 16 $0.00 $0.00 $0.00 $0.00 $0.00
17 $0.00 $0.00 $0.00 $0.00 17 $0.00 $0.00 $0.00 $0.00 $0.00
18 $0.00 $0.00 $0.00 $0.00 18 $0.00 $0.00 $0.00 $0.00 $0.00
19 $0.00 $0.00 $0.00 $0.00 19 $0.00 $0.00 $0.00 $0.00 $0.00
20 $0.00 $0.00 $0.00 $0.00 20 $0.00 $0.00 $0.00 $0.00 $0.00
Totals $8,963.24 $1,882.48 $10,845.72 Totals $0.00 $0.00 $0.00 $10,845.72
1- Interest for 2016 (First Year Interest) will be applied and payable with the first year (2017) payment.
Note: There may be multiple properties of record per property
address or owner. Assessments are calculated per parcel (PID). A
separate assessment notice was mailed for each PID.
Total Annual
Payment2
2-Assessments that are not prepaid will be certified to Scott County and will be included on the annual property tax statements. Half of the total annual payment is due
in May and the other half in October or November (depending on the property classification).
Assessment
•Deferred Assessment Policy
•Age (65) & Income Requirements
•Interest Accrues
•Contact Finance Department at 952-447-9840 for More Information
•Assessment Hearing October 24th, 7:00 PM
•Communicate with the City Council
•Appeals
•Appeal Must be Received in Writing Prior to City Council Closing
the Public Hearing
Questions/Comments