HomeMy WebLinkAbout7A Balsam Area Reconstruction Set Assessment PresentationBalsam Area
Reconstruction
Improvement Project
Assessment Hearing
October 16, 2017
Construction Methods
Construction Update
•Construction began in early July with the setup of the temporary
water services
•The project started on the reconstruction area and they are
currently working to complete the reclamation portion of the
project.
•They started with sanitary sewer and watermain, then followed up
with house services, then storm sewer and street work in the
reconstruction area.
•It is anticipated that the remaining boulevard and reclamation work
will be completed in October.
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
Authorize Amount to be Assessed/Schedule Assessment Hearing Completed
Construction August to
November, 2017
Conduct Assessment Hearing October 16, 2017
Adopt Assessment Roll October 16, 2017
Assessment Map
Assessment Calculation
Estimated Project Costs and Financing (Reconstruction)
ITEM ESTIMATED PROJECT COSTS ASSESSMENTS CITY SHARE
Streets $559,952 $223,981 $335,971
Sanitary Sewer $256,756 $256,756
Watermain $326,228 $326,228
Storm Sewer1 $108,460 $41,231 $67,229
Total $1,251,397 $265,212 $986,184
1 Includes $5,382 in Water Quality Improvements that are not assessable
Total Assessed $265,212
Number of Units 34
Unit Assessment $7,800.36
(Unit Assessment from Prelim Report)($10,434.94)
Sample Assessment Payments
Reconstruction Area
Unit Amount $7,800.36
Term (Years)10 Years
APR 3.80%
First Year Interest 77 Days
Annual Remaining
Year Principal Interest1 Payment Principal
Beginning Balance $7,800.36
1 $780.04 $359.81 $1,139.85 $7,020.32
2 $780.04 $266.77 $1,046.81 $6,240.29
3 $780.04 $237.13 $1,017.17 $5,460.25
4 $780.04 $207.49 $987.53 $4,680.22
5 $780.04 $177.85 $957.88 $3,900.18
6 $780.04 $148.21 $928.24 $3,120.14
7 $780.04 $118.57 $898.60 $2,340.11
8 $780.04 $88.92 $868.96 $1,560.07
9 $780.04 $59.28 $839.32 $780.04
10 $780.04 $29.64 $809.68 $0.00
Totals $7,800.36 $1,693.67 $9,494.03
Assessment Calculation
Estimated Project Costs and Financing (Reclamation)
ITEM ESTIMATED PROJECT COSTS ASSESSMENTS CITY SHARE
Streets $324,929 $129,972 $194,958
Watermain $0 $0
Total $324,929 $129,972 $194,958
Total Assessed $129,972
Number of Units 52
Unit Assessment $2,499.46
(Unit Assessment from Prelim Report)($4,337.00)
Sample Assessment Payments
Reclamation Area
STREET IMPROVEMENTS
Unit Amount $2,499.46
Term (Years)10 Years
APR 3.80%
First Year Interest 77 Days
Annual Remaining
Year Principal Interest1 Payment Principal
Beginning Balance $2,499.46
1 $249.95 $115.29 $365.24 $2,249.51
2 $249.95 $85.48 $335.43 $1,999.57
3 $249.95 $75.98 $325.93 $1,749.62
4 $249.95 $66.49 $316.43 $1,499.68
5 $249.95 $56.99 $306.93 $1,249.73
6 $249.95 $47.49 $297.44 $999.78
7 $249.95 $37.99 $287.94 $749.84
8 $249.95 $28.49 $278.44 $499.89
9 $249.95 $19.00 $268.94 $249.95
10 $249.95 $9.50 $259.44 $0.00
Totals $2,499.46 $542.70 $3,042.16
Important Dates
•November 15, 2017 Full or partial payments needed by this
date to avoid interest.
Payments made after this date will include
interest for 2017 as well as all of 2018.
•May 15, 2018 If no prepayments are made, assessments
will be incorporated into property taxes
beginning on this date.
Any Questions?