HomeMy WebLinkAbout7B Woodside Huron Area Reconstruction Assessment Hearing PresentationWoodside/Huron Area
Reconstruction
Improvement Project
Assessment Hearing
October 15, 2018
Construction Update
•Construction began in early July with the setup of the temporary
water services
•The project started at the intersection of Candy Cove Trail and
Woodside Rd. Work has progressed to the East.
•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 concrete work and boulevard
work will be completed in November.
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 July to November,
2018
Conduct Assessment Hearing October 15, 2018
Adopt Assessment Roll October 15, 2018
Assessment Map
Assessment Calculation
•Street and Storm Assessment 10 Year Period
•Typical Lot (1 unit) ~ $8,726 ($872.60 per year plus interest)
•Duplex (1.5 units) ~ $13,088 ($1,308.80 per year plus interest)
Project Funding
ITEM PROJECT TOTAL
Tax Levy $837,390
Assessments (40% of Street & Storm Sewer)$530,518
Sewer Fund $467,176
Water Fund $556,461
Water Quality Fund $347,831
Assessment Roll (Per Unit) Reconstruction $8,726
Total $2,739,376
Sample Assessment Payments
ROAD RECONSTRUCTION
Unit Amount $8,725.63
Term (Years)10 Years
APR 4.41%
First Year Interest 77 Days
Pmt #Year Principal Interest1 Annual Payment2
Remaining
Principal
Beginning Balance $8,725.63
1 2019 $872.56 $467.10 $1,339.67 $7,853.07
2 2020 $872.56 $346.32 $1,218.88 $6,980.50
3 2021 $872.56 $307.84 $1,180.40 $6,107.94
4 2022 $872.56 $269.36 $1,141.92 $5,235.38
5 2023 $872.56 $230.88 $1,103.44 $4,362.82
6 2024 $872.56 $192.40 $1,064.96 $3,490.25
7 2025 $872.56 $153.92 $1,026.48 $2,617.69
8 2026 $872.56 $115.44 $988.00 $1,745.13
9 2027 $872.56 $76.96 $949.52 $872.56
10 2028 $872.56 $38.48 $911.04 ($0.00)
Totals $8,725.63 $2,198.71 $10,924.34
Sample Assessment Payments
ROAD RECONSTRUCTION
Unit Amount $13,088.45
Term (Years)10 Years
APR 4.41%
First Year Interest 77 Days
Pmt #Year Principal Interest1 Annual Payment2
Remaining
Principal
Beginning Balance $13,088.45
1 2019 $1,308.85 $700.66 $2,009.50 $11,779.61
2 2020 $1,308.85 $519.48 $1,828.33 $10,470.76
3 2021 $1,308.85 $461.76 $1,770.61 $9,161.92
4 2022 $1,308.85 $404.04 $1,712.89 $7,853.07
5 2023 $1,308.85 $346.32 $1,655.17 $6,544.23
6 2024 $1,308.85 $288.60 $1,597.45 $5,235.38
7 2025 $1,308.85 $230.88 $1,539.73 $3,926.54
8 2026 $1,308.85 $173.16 $1,482.01 $2,617.69
9 2027 $1,308.85 $115.44 $1,424.29 $1,308.85
10 2028 $1,308.85 $57.72 $1,366.57 $0.00
Totals $13,088.45 $3,298.06 $16,386.51
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?