HomeMy WebLinkAbout03 21 2022 DT South - Assessment Hearing PresentationDowntown South
Reconstruction Project
March 21, 2022
Assessment Hearing
Nick
1
Project Location Map
Colorado Street - Duluth to Main
Pleasant Street - Duluth to TH 13
Main Avenue - Pleasant to CR 21
Nick
2
Project Schedule
Nick
3
City special assessment policy:
40% street/storm costs assessed
Estimated residential assessment rate over $20,000/unit
General benefit appraisal report:
Proposed Assessment Rates:
Residential properties - $6,000/unit
Commercial properties - $2.00/SF
Proposed Assessment Terms:
10-years
2.94% interest rate
Special Assessments
Special Assessments
Nick/Andy
4
Assessment Map
39 Residential Parcels
$234,000
2 Non-Buildable Parcels
33 Commercial Parcels
$572,814
Nick
5
Project Financing
Project Financing
Nick/Andy
6
Sample Assessment Payment – Residential Parcel
Nick/Andy
7
Important Dates
Important Dates
Nick/Andy
8
Pre-Construction Neighborhood Meeting
Invitations to be sent by early April
Project Communications
Website: PLDowntownSouth.com
Email: Nicole.Krause@bolton-menk.com
Helpline: 612-357-7270
Downtown South Reconstruction
Downtown South Reconstruction
Kirsten
9