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81789.2 <br />TO: Mayor and City Council COUNCIL MEETING <br />FROM: Mark E. Bernhardson, City Administrato W'� <br />AUG 2 81989 <br />DATE: August 17, 1989 <br />SUBJECT: County Road 15 - Assessment CITY OF ORONO <br />Atta:hments: A. County Road 15 Financing Memo Dated 5/17/88 <br />(Memo Only) <br />S. Notice of Assessment Mailed 8/11/89 <br />C. Assessment Roll Dated 8/24/89 <br />D. Proposed Resolution <br />ISSUE - <br />1. Holding public hearing prior to potential assessment. <br />2. Determining if an assessment will be undertaken. <br />3. If assessed, the amount to each property. <br />INTRODUCTION - Of the total estimated cost of $535,000 that was <br />the City's share of road construction, curb and gutters, right- <br />of-way acquisition, sidewalks and street lighting, the amount to <br />be assessed is only $118,040.94 for the stre=t lighting. <br />DTSCUSSION - As noted ir. Attachment A a proposed financing was to <br />be done through an assessmen'- of properties where the residential <br />rate was to be half that of the commercially used rate. As noted <br />in the spread sheet this amounts to $200.00 for a 50 foot typical <br />residential lot and $1,200.00 for each 100 feet of frontage on <br />commercially used lot. The project cost totals were $121,906.80 <br />and capitalized interest is being charged between the actual <br />payment by the City last year and the interest bet>>een then and <br />now. <br />The issues related to the assessment are as follows: <br />a. Residential and commercial split. <br />b. Total a;aount of the assessment. <br />c. Amount of capitalized interest included between 198E <br />and the fall of 1989. <br />d. The term of the assessment. <br />a. # of year <br />b. Interest rate <br />It should be noted that the Westonka Beautification program while <br />it was adopted has had no further funding or proposals for <br />1 <br />