10.01 - Feasibility Report for N Sleutter Rd Improve

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ESTIMATED ASSESSMENT APPROACH Costs for the project are divided between benefited property owners and the City using policies established in the City of Pequot Lakes' "Assessment Procedures and Policy ", adopted February 7, 2006, including amendments made to the policy since that time. Per this policy, 100% of the roadway improvement project costs for this project are assessed to the abutting benefited property owners on a per front foot basis (the roadway exists, but the addition of new pavement makes this a new project rather than a reconstruction project). Following is an example roadway assessment calculation utilizing the City's present per front foot policy: Estimated Cost of Roadway Improvements .......................... ............................... $ 77,000 East (City) Side Front Footage ........................ ............................... ..........................1,080 West (Township) Side Front Footage .............. ............................... ..........................1,300 TotalFront Footage ......................................... ............................... ..........................2,380 (Note that this estimated front footage includes both sides of the �— roadway, and it accounts for a 3/4 side lot credit — i.e. 1/4 of the side lot footage is used as front footage.) Estimated Assessment Amount per Front Foot ........................... ............................... $ 32 Estimated Assessments for Individual Property Owners on East Side is footage x $32/ft Estimated Amount to City At Large (picking up the West Side ) ............................ $ 42,000 There are also several alternates to the above, some of which would combine this project with possible improvements to Wildlife Trail (per a July 210 Feasibility Report). An example of a "per parcel" calculation just for North Sluetter Road improvements would be: Estimated Cost of Roadway Improvements ........................... ..............................$ 77,000 Number of Parcels ............................................................................. ..............................4 NOTE: This example includes the three lots on North Sluetter, including the comer lot abutting Wildlife Trail, and the one lot in the Township, the cost of which would have to be picked up by the City. Estimated Assessment Amount per Parcel ........................... ............................... $ 19,250 Pequot Lakes — North Sluetter Road Improvements Study WSN No. 0130B0045.000 Page 9