HomeMy WebLinkAbout7C Franklin Trail Reconstruction Assessment Hearing PresentationFranklin Trail
Reconstruction
Improvement Project
Assessment Hearing
October 15, 2018
Construction Update
•Construction began in late May with the setup of the temporary
water services
•The project started at the lift station North of Summer St. Work
progressed to the North and then South of the lift station to
Summer St.
•They started with sanitary sewer and watermain, then followed up
with house services, then storm sewer and street work.
•It is anticipated that the remaining boulevard work will be
completed in October.
Construction Update
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
Authorize Amount to be Assessed/Schedule Assessment Hearing Completed
Construction May to November,
2018
Conduct Assessment Hearing October 15, 2018
Adopt Assessment Roll October 15, 2018
Assessment Map
Assessment Calculation
Project Funding
ITEM PROJECT TOTAL
Tax Levy $600,173
Assessments (40% of Street & Storm Sewer)$378,273
Sewer Fund $437,073
Water Fund $265,803
Assessment Roll (Per Acre) Reconstruction $27,043
Total $1,681,322
•Street and Storm Assessment 10 Year Period
•1/4 Acre Lot ~ $6,761 ($676.10 per year plus interest)
•1/3 Acre Lot ~ $9,014 ($901.40 per year plus interest)
Sample Assessment Payments
ROAD RECONSTRUCTION
Unit Amount $6,761.00
Term (Years)10 Years
APR 4.41%
First Year Interest 77 Days
Pmt #Year Principal Interest1 Annual Payment2
Remaining
Principal
Beginning Balance $6,761.00
1 2019 $676.10 $361.93 $1,038.03 $6,084.90
2 2020 $676.10 $268.34 $944.44 $5,408.80
3 2021 $676.10 $238.53 $914.63 $4,732.70
4 2022 $676.10 $208.71 $884.81 $4,056.60
5 2023 $676.10 $178.90 $855.00 $3,380.50
6 2024 $676.10 $149.08 $825.18 $2,704.40
7 2025 $676.10 $119.26 $795.36 $2,028.30
8 2026 $676.10 $89.45 $765.55 $1,352.20
9 2027 $676.10 $59.63 $735.73 $676.10
10 2028 $676.10 $29.82 $705.92 $0.00
Totals $6,761.00 $1,703.65 $8,464.65
Sample Assessment Payments
ROAD RECONSTRUCTION
Unit Amount $9,014.00
Term (Years)10 Years
APR 4.41%
First Year Interest 77 Days
Pmt #Year Principal Interest1 Annual Payment2
Remaining
Principal
Beginning Balance $9,014.00
1 2019 $901.40 $482.54 $1,383.94 $8,112.60
2 2020 $901.40 $357.77 $1,259.17 $7,211.20
3 2021 $901.40 $318.01 $1,219.41 $6,309.80
4 2022 $901.40 $278.26 $1,179.66 $5,408.40
5 2023 $901.40 $238.51 $1,139.91 $4,507.00
6 2024 $901.40 $198.76 $1,100.16 $3,605.60
7 2025 $901.40 $159.01 $1,060.41 $2,704.20
8 2026 $901.40 $119.26 $1,020.66 $1,802.80
9 2027 $901.40 $79.50 $980.90 $901.40
10 2028 $901.40 $39.75 $941.15 $0.00
Totals $9,014.00 $2,271.37 $11,285.37
Important Dates
•October 15, 2018 Notice of intent to appeal must be
submitted in writing.
•November 15, 2018 Full or partial payments needed by this
date to avoid interest.
•November 30, 2018 Payments made between November 15th
and November 30th will include interest for
2018.
•November 30th Payments made after this date will include
interest for the entire following year.
•May 15, 2019 If no prepayments are made, assessments
will be incorporated into property taxes due
beginning on this date.
Any Questions?