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5.1 Levy Subdiv AssessmentsCITY OF SALINA REQUEST FOR COMMISSION ACTION --//D'~24~97 TIME 4:00 P.M. AGENDA SECTION: DRIGINATING DEPARTMENT: APPROVED FOR NO. AGENDA: 5 City Clerk NO. 1 & la ~ludy D. Long BY: BY:. Item Public hearing on street and utility improvements in Chapel Ridge Subdivision, · Belmont Plaza Addition, Tasker Addition, Valley View Addition, Nord Subdivision and Wallerius Addition, Project No. 96-971; Schilling Road Improvements, Project No. 95-948; and Magnolia Interchange Improvements, Project No. 95-99.4. Background The public hearing is held for the purpose of receiving comments, written or oral, on the method of assessment of the engineering project. Enclosed are copies of the final costs of the project and the ordinance which details the cost per each lot included in the project. Three tracts of land covered by this ordinance have requested that their special assessments be deferred because of the agricultural character of the property. This is permissible under statute. The ordinance, as drafted, makes provision for these deferrals. The assessments will be deferred until the property is platted or developed, or for 15 years, whichever is sooner. Deferral always involves a cost to the city-at-large. In effect, we are financing the improvements on behalf of these property owners for the deferral period, while the statute prohibits us from collecting accrued interest charges for that period. Thus, we have an opportunity cost of lost investment income for the period. Attached is a table detailing the cost of deferral for the City. The table shows the cumulative cost for each year for each tract. For example, the total cost of deferral for Tract #14286 for 5 years will be $7,880.58. Obviousi~ the actual cost of deferral depends on how long before the property loses deferred s'tatus, and on what the cost of money is. We have used 5.5% for the analysis, which approximates the return we receive on our investments at the present time. Recommendation Approve special assessment Ordinance Number 97-9840 for first reading. FINAL COST DISTRIBUTION FOR PROJECT NO. 96 - 971 1996 SUBDIVISION IMPROVEMENTS SUBDIVISION IMPROVEMENTS (Paving & Drainage ) SUBDIVISION IMPROVEMENTS ( Sewer & Water ) Proj. No. 96-971 IA Total: ~327,020.10 Proj. No. 96-971 IIA Total: ~136,140.35 Proj. No. 96-971 lB Total: ~291,492.59 Proj. No. 96-971 liB Total: ~94,589.47 Combined Total: Projects under 96-971 IA & IIA Valley View Project Cost: 15% Eng. & Cont.: Temp. Note Int., Bond. Total: $849,242.51 Breakdown for Each Subdivision Projects under 96-971 lB & liB $54,575.33 $8,186.30 $2,297.03 }65,058.66 Belmont Plaza Project Cost: 15% Eng. & Cont.: Temp. Note Int., Bond.: Total: $331,303.53 $49,695.53 $13,944.28 $ .394,943.34 Tasker Add. Project Cost: 10% Eng. & Cont.: Temp. Note Int., Bond. Total: Nord. Sub. Project Cost: 15% Eng. & Cont.: Temp. Note Int., Bond. Total: $167,148.15 $16,714.82 $6,729.24 }190,592.21 $241,436.97 $36,215.55 $10,161.87 $287,814.39 Chapel Rid.qe Project Cost: $54,778.53 15% Eng. & Cont.: $8,216.78 Temp. Note Int., Bond.: $2,305.58 Total: $65,300,89 A~WN O'LEAR~OR ,© SUBSCi:~/BED AND SWORN TO BEFORE ME THIS DAY ./~'~,. 1997. JU~Y L~NG, ClTY~;LERK OF ENGINEERING FINAL COST DISTRIBUTION FOR PROJECT No. 135 -85 K -4792 -01 MAGNOLIA ROAD ! I - 135 INTERCHANGE Total Construction (Bridge, Roadway, & Drainage ) Construction Engineering Right-of -Way Acquisition Utility Relocation Preliminary Engineering Total: $5,708,937.80 $627,922.54 $357,000.00 $0.00 $469,875.68 $7,163,736.02 APPORTIONMENT OF COST Cost Charqeable to Private Property A total of $500,000.00 Cost Charqeable to City A total of $6,663,736.02, less any federal or state grant funds. N O'LEARY OF ENGINEERING SUBSCRIBED AND SWORN TO BEFORE ME THIS _/_~ DAY f ]~.). · 1997. FINAL COST DISTRIBUTION FOR PROJECT No. 96 - 928 SCHILLING ROAD AND DRAINAGE IMPROVEMENTS Total construction ( Roadway, & Drainage ) Engineering Interest, Bonding, Issuing Total: $126,574.91 $18,986.24 $5,316.15 $150,877.30 APPORTIONMENT OF COST Cost Charqeable to Private Property Atotal of $94,267.95 Cost Charqeable to City Atotal of $56,609.35 SUBSCRIBED AND SWORN TO BEFORE ME THIS ?~ ,,~.,4rL-J , 1997. JUD~ITYC~RK - ,~,.~ r- Special Assesment Cost of Deferal Tract Owner 14286 14293 20372 Wallerius Com Co Chestnut Total For Ordinance Total Assessment Discount Rate: Cumulative Cost of Deferral through: Year: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 25,672.99 5.50% .. $1 412.01 $2 901.69 $4 473.30 $6 131.34 $7 880.58 $9 726.O3 $11 672.97 $13 727.OO $15 894.OO $18,180.19 $20,592.11 $23,136.69 $25,821.22 $28,653.40 $31,641.36 74,194.66 4,048.23 $4.080.71 $8 385.85 $12 927.78 $17 719.51 $22 774.79 $28 108.11 $33 734.77 $39 670.88 $45 933.49 $52 540.54 $59 510.97 $66,864.78 $74,623.05 $82,808.03 $91,443.17 $222.65 $457.55 $705.37 $966.82 $1,242.64 $1,533.64 $1,840.65 $2,164.53 $2,506.24 $2,866.73 $3,247.05 $3,648.30 $4,071.60 $4,518.19 $4,989.35 $5,715.37 $11,745.09 $18,106.45 $24,817.67 $31,898.02 $39 367.78 $47 248.39 $55562.42 $64 333.73 $73 587.45 $83 350.14 $93 649.77 $104 515.88 $115 979.63 $128 073.88 Page 1