Update 2/18/10

2010 ALLEY PAVING

Project Schedule

February 23, 2010   City Council considers award of contract

7:00 p.m. – City Council Chambers

 Summer 2010                       Alley Paving Project

 September 2010                   Complete 64th and Girard Storm Sewer Project

 Fall 2010                                Assessment Hearing

 Property Assessments

It has been the City’s policy to assess the adjacent property owners for the cost of the alley paving.  Because the alleys are abutting public property (I-35W) the City will be responsible for funding half of the total project cost.

Total Project Cost - $200,000 (estimated)            Total Assessable Alley Frontage = 2,612 feet

City Portion - $100,000                               

Assessable Portion - $100,000                              $100,000/2612’ = $38 / assessable foot

Typical assessment for 50’ lot = $1,900                Typical assessment for 75’ lot = $2,850

  Assessment Options (based on estimated cost of project)

1. Prepay assessment in full within 30 days after the City Council adopts the assessment role in the Fall of 2010
2. Annual assessment to your property taxes beginning in 2011 over a 10 year or 20 year period, depending on Council decision.  Assuming a 7% interest rate, the first year (2011) assessments are estimated as follows:

  10-year Assessment                                      20-year Assessment

  50’ lot = $355 1st year, $2,660 total           50’lot = $260 1st year, $3,322 total

  75’ lot = $533 1st year, $3,991 total           75’lot = $390 1st year, $4,982 total

 Note: The annual payments are highest the first year and will decrease annually.

 Typical 50 foot lot Assessment

 Typical 75 foot lot Assessment