05.01 & 05.02 - Wildlife Tr/N Sluetter Improve-Public Hearing

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City of Pequot Lakes Wildlife Trail and North Sluetter Road Improvements Preliminary Assessment Hearing Tuesday, December 7, 2010, 6:00 p.m. E. 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. However, as mentioned previously, the City Council has elected to present this project on a per lot basis. Wildlife Trail costs ................... ............................... $1941000 Numberof Lots .................................... ............................... 16 Cost per Lot ($194,000 / 15 lots) .............................. $12,125 North Sluetter Road costs ......... ............................... $77,000 Numberof Lots ...................................... ............................... 4 Cost per Lot ($77,000 / 4 lots) ... ............................... $19,250 Combined Projects costs ......... ............................... $271,000 Numberof Lots .................................. ............................... 20* Cost per Lot ($271,000 / 20* lots) ............................ $13,550 * 1 lot actually has sides on both projects, could be 19 In accordance with Minnesota Statutes, assessments can be paid in two ways. The first is to pay them in full to the City after adoption of the Final Assessment by the City Council. No interest is charged. The second is to pay them with your property taxes to the County in equal per year installments over a period of time and at an interest rate L.- determined by the City Council. Page 6 of 9