HomeMy WebLinkAboutResolution No. R17-26CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting recording officer of the City of
Laurel, Montana (the "City"), hereby certify that the attached resolution is a true copy of
Resolution No. R17-26, entitled: "RESOLUTION RELATING TO SPECIAL
IMPROVEMENT DISTRICT NO. 118; DECLARING IT TO BE THE INTENTION OF THE
CITY COUNCIL TO CREATE THE DISTRICT FOR THE PURPOSE OF UNDERTAKING
CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND
INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT
DISTRICT BONDS SECURED BY A DISTRICT RESERVE ACCOUNT AND THE CITY'S
SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND; AND ESTABLISHING
COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE
INTERNAL REVENUE CODE" (the "Resolution"), on file in the original records of the City in
my legal custody; that the Resolution was duly adopted by the City Council of the City at a
meeting on June 20, 2017, and that the meeting was duly held by the City Council and was
attended throughout by a quorum, pursuant to call and notice of such meeting given as required
by law; and that the Resolution has not as of the date hereof been amended or repealed.
I further certify that, upon vote being taken on the Resolution at said meeting, the
following Council Members voted in favor thereof. Poehls, Herr, Stokes, Mountsier,
Nelson, Dickerson, McGee and Eaton
voted against the same:
; abstained from voting
thereon:
or were absent:
WITNESS my hand officially this 20`h day of June, 2017.
Clerl Tr asurer
RESOLUTION NO. R17-26
RESOLUTION RELATING TO SPECIAL IMPROVEMENT
DISTRICT NO. 118; DECLARING IT TO BE THE INTENTION
OF THE CITY COUNCIL TO CREATE THE DISTRICT FOR
THE PURPOSE OF UNDERTAKING CERTAIN LOCAL
IMPROVEMENTS AND FINANCING THE COSTS THEREOF
AND INCIDENTAL THERETO THROUGH THE ISSUANCE
OF SPECIAL IMPROVEMENT DISTRICT BONDS SECURED
BY A DISTRICT RESERVE ACCOUNT AND THE CITY'S
SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND;
AND ESTABLISHING COMPLIANCE WITH
REIMBURSEMENT BOND REGULATIONS UNDER THE
INTERNAL REVENUE CODE
BE IT RESOLVED by the City Council of the City of Laurel (the "City"), Montana, as
follows:
Section 1. Proposed Improvements; Intention To Create District. The City proposes to
undertake certain local street and sidewalk improvements and related improvements
(collectively, the "Improvements") to benefit certain property located in the City and included
within the proposed District. The total estimated costs of the Improvements and all associated
costs are $195,000, which are to be paid from the special improvement district bonds hereinafter
described. It is the intention of this Council to create and establish in the City under Montana
Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as amended, a special improvement
district (the "District") for the purpose of financing the costs of the Improvements and paying
costs incidental thereto, including costs associated with the sale and the security of special
improvement district bonds drawn on the District (the "Bonds"), the creation and administration
of the District, the funding of a deposit to the City's Special Improvement District Revolving
Fund (the "Revolving Fund"), and the funding of a reserve account securing the Bonds in the
District fund (the "Reserve Account"). The total estimated cost of the Improvements, including
such incidental costs, is $205,715. The cost of the Improvements are to be paid from funds
contributed by the Laurel Urban Renewal Agency in the amount of $10,715, which contribution
is applied to the costs of the Street Improvements, and proceeds of the Bonds in the amount of
$195,000. The Bonds are to be payable primarily from special assessments to be levied against
property in the District, which property will be specially benefited by the Improvements, in an
amount not less than $195,000.
Section 2. Number of District. The District, if the same shall be created and established,
shall be known and designated as Special Improvement District No. 118 of the City of Laurel,
Montana.
Section 3. Boundaries of District. The limits and boundaries of the District are depicted
on the maps attached as Exhibit A hereto (which is hereby incorporated herein and made a part
hereof), which boundaries are designated and confirmed as the boundaries of the District. A
listing of each of the properties in the District that are subject to assessment is shown on Exhibit
B hereto (which is hereby incorporated herein and made a part hereof).
Section 4. Benefited Property. The District and territory included within the limits and
boundaries described in Section 3 and as shown on Exhibit A and described on Exhibit B are
hereby declared to be the special improvement district and the territory which will benefit and be
benefited by the Improvements. The properties to be assessed for the costs of the Improvements
are listed on Exhibit B. Such properties included within said limits and boundaries are hereby
declared to be the property benefited by the Improvements.
Section 5. General Character of the Improvements. The general character of the
Improvements consists of the construction and installation of street improvements on South
Washington Avenue between East Railroad Street and South East 4th Street (collectively, the
"Street Improvements"), and, with respect to some properties in the District, as further set forth
on Exhibit B, the construction and installation of new sidewalks and drive approaches
(collectively, the "Sidewalk Improvements").
Section 6. Engineer and Estimated Cost. Great West Engineering, Inc., of Billings,
Montana, shall be the engineer for the District (the "Engineer"). The Engineer has estimated that
the cost of the Improvements, including all incidental costs, is $205,715, as shown in Exhibit C.
Such estimates are subject to revision or to amendment. The cost of the Improvements are to be
paid from funds contributed by the Laurel Urban Renewal Agency in the amount of $10,715,
which contribution is applied to the costs of the Street Improvements, and proceeds of the Bonds
in the amount of $195,000.
Section 7. Assessment Methods.
7.1. Method of Assessment. Property To Be Assessed.
(a) Street Improvements. Each lot, tract, or parcel of land in the District will
be assessed for its proportionate share of the costs of the Street Improvements and
associated incidental costs thereof to be financed with the Bonds based on the assessable
area methodology set forth in Section 7-12-4162(1)(a), M.C.A., with special assessments
determined by the square footage of each lot, tract or parcel. The total estimated costs of
the Street Improvements and incidental costs thereof to be assessed in this manner is
$155,496.21 and the total square footage of assessable area in the District to be assessed
is 865,502.74 square feet. The estimated cost per square foot of Street Improvements to
be assessed is approximately $0.18. The total principal amount of the assessment for
each lot, tract or parcel of land for the Street Improvements is shown on Exhibit B hereto.
(b) Sidewalk Improvements. Each lot, tract, or parcel of land in the District to
receive new sidewalks and/or drive approaches as part of the Sidewalk Improvements
will be assessed for their proportionate share of the costs of the Sidewalk Improvements
and associated incidental costs thereof based on the frontage method of assessment
provided in Section 7-12-4163, M.C.A. Each property shall be assessed for the square
footage costs of 5" concrete sidewalks and 6" concrete drive approaches being installed
with respect to such property. The total estimated costs of the Sidewalk Improvements
and incidental costs thereof to be assessed is $39,503.79. The estimated cost per square
foot of the Sidewalk Improvements is approximately $11.48 and the estimated cost per
2
square foot of concrete drive approaches is approximately $11.48. The estimated amount
of square footage of 5" concrete sidewalks and 6" concrete drive approaches to be
installed from the proceeds of the Bonds for each lot, tract, or parcel, and the estimated
amount of assessments for such parcels is shown on Exhibit B.
(c) Assessments Set Forth on Exhibit B. The assessment for each lot, tract or
parcel of land for the Improvements is the sum of the assessment for such lot, tract or
parcel for the Street Improvements and incidental costs thereof plus, if applicable, the
assessment for such lot, tract or parcel for the Sidewalk Improvements and incidental
costs thereof, as shown for each lot, tract or parcel on Exhibit B hereto. The principal
amount of the special assessment shall be payable over time and bear interest at a
prescribed rate of interest.
7.2. Assessment Methodologies Equitable and Consistent with Benefit. This Council
hereby determines that the method of assessment and the assessment of costs of the specific
Improvements against the properties benefited thereby as prescribed in Section 7.1 are equitable
and in proportion to and not exceeding the special benefits derived from the respective
Improvements by the lots, tracts and parcels to be assessed therefor within the District.
Section 8. Payment of Assessments. The special assessments for the costs of the
Improvements shall be payable over a term not exceeding 20 years, each in equal semiannual
installments of principal, plus interest, or equal semiannual payments of principal and interest, as
this Council shall prescribe in the resolution authorizing the issuance of the Bonds. Property
owners have the right to prepay assessments as provided by law.
Section 9. Method of Financing, Pledge of Revolving Fund, Findings and
Determinations. The City will issue the Bonds in an aggregate principal amount not to exceed
$195,000 to finance the costs of the Improvements and incidental costs. Principal of and interest
on the Bonds will be paid from special assessments levied against the benefited properties in the
District and such payment will be secured, in part, by the Reserve Account. This Council further
finds it is in the public interest, and in the best interest of the City and the District, to secure
payment of principal of and interest on the Bonds by the Revolving Fund and hereby authorizes
the City to enter into the undertakings and agreements authorized in Section 7-12-4225, M.C.A.,
in respect of the Bonds.
In determining to authorize such undertakings and agreements, this Council has taken
into consideration the following factors:
(a) Estimated Market Value of Parcels. Of the 35 parcels in the District to be assessed
for the Improvements, 30 of the parcels are developed. The estimated market value of the lots,
parcels or tracts in the District as of the date of adoption of this resolution, as estimated by the
County Assessor for property tax purposes, is set forth in Exhibit B hereto. The special
assessments to be levied under Section 7 against each lot, parcel or tract in the District is
expected to be less than the increase in estimated market value of the lot, parcel or tract as a
result of the construction of the Improvements.
3
(b) Diversity of Property Ownership. There are a total of 35 lots in the proposed
District, owned by a total of 17 individual property owners.
(c) Comparison of Special Assessments and Property Taxes and Market Value. The
assessed value of each applicable parcel in the District is greater than the amount of the
assessment to be levied against it.
(d) Delinquencies. There are no outstanding special assessments levied against property
in the District. The historical rate of tax delinquencies in the District is not greater than the City
as a whole. None of the 35 parcels in the District to be assessed for the Improvements have tax
delinquencies as of April 2017.
(e) The Public Benefit of the Improvements. The Improvements will result in safer and
more usable streets and sidewalks and are of special benefit to the public and to the properties in
the District.
(f) Other Factors. The City is establishing a Reserve Account in the District fund, into
which it will deposit approximately $9,750 from proceeds of the Bonds. This reserve will be
utilized to fund any debt service deficiencies related to this District before resorting to the
Revolving Fund.
Section 10. Public Hearing; Protests. At any time within eighteen (18) days from and
after the date of the first publication of the notice of the passage and approval of this resolution,
any owner of real property within the District subject to assessment and only those subject to
assessment for the cost and expense of making the Improvements may make and file with the
City Clerk -Treasurer's office until 5:00 p.m., M.T., on the expiration date of the 18 -day period
(July 10, 2017), written protest against the proposed Improvements, or against the creation of the
District or both. Such protest must be in writing, identify the property in the District owned by
the protestor and be signed by all owners of the property. The protest must be delivered to the
City Clerk -Treasurer's office, who shall endorse thereon the date of its receipt by the City Clerk -
Treasurer or the Deputy Clerk. This Council will at its next regular meeting after the expiration
of the eighteen (18) days in which such protests in writing can be made and filed, proceed to hear
all such protests so made and filed; which regular meeting will be held on July 18, 2017, at 6:30
p.m., in the Council Chambers, at 115 West First Street, in Laurel, Montana.
Section 11. Notice of Passage of Resolution of Intention. The City Clerk -Treasurer or
the Deputy Clerk is hereby authorized and directed to publish or cause to be published a copy of
a notice of the passage of this resolution in the Laurel Outlook, a newspaper of general
circulation in the City on June 22 and June 29, 2017, in the form and manner prescribed by law,
and to mail or cause to be mailed a copy of said notice to every person, firm, corporation, or the
agent of such person, firm, or corporation having real property within the District listed in his or
her name upon the last completed assessment roll for state, City, and school district taxes, at his
last -known address, on or before the same day such notice is first published.
Section 12. Reimbursement Expenditures.
4
12. 1. Regulations. The United States Department of Treasury has promulgated final
regulations governing the use of proceeds of tax-exempt bonds, all or a portion of which are to
be used to reimburse the City for project expenditures paid by the City prior to the date of
issuance of such bonds. Those regulations (Treasury Regulations, Section 1.150-2) (the
"Regulations") require that the City adopt a statement of official intent to reimburse an original
expenditure not later than 60 days after payment of the original expenditure. The Regulations
also generally require that the bonds be issued and the reimbursement allocation made from the
proceeds of the bonds within 18 months (or three years, if the reimbursement bond issue
qualifies for the "small issuer" exception from the arbitrage rebate requirement) after the later of
(i) the date the expenditure is paid or (ii) the date the project is placed in service or abandoned,
but (unless the issue qualifies for the "small issuer" exception from the arbitrage rebate
requirement) in no event more than three years after the date the expenditure is paid. The
Regulations generally permit reimbursement of capital expenditures and costs of issuance of the
bonds.
12.2 Prior Expenditures. Other than (i) expenditures to be paid or reimbursed from
sources other than the Bonds, (ii) expenditures constituting preliminary expenditures within the
meaning of Section 1.150-2(f)(2) of the Regulations, or (iii) expenditures in a "de minimus"
amount (as defined in Section 1.150-2(f)(1) of the Regulations), no expenditures for the
Improvements have been paid by the City before the date 60 days before the date of adoption of
this resolution.
12.3. Declaration of Intent. The City reasonably expects to reimburse the expenditures
made for costs of the Improvements out of the proceeds of Bonds in an estimated maximum
aggregate principal amount of $195,000 after the date of payment of all or a portion of the costs
of the Improvements. All reimbursed expenditures shall be capital expenditures, a cost of
issuance of the Bonds or other expenditures eligible for reimbursement under Section 1.150-
2(d)(3) of the Regulations.
12.4. Budizetary Matters. As of the date hereof, there are no City funds reserved,
allocated on a long-term basis or otherwise set aside (or reasonably expected to be reserved,
allocated on a long-term basis or otherwise set aside) to provide permanent financing for the
expenditures related to the Improvements, other than pursuant to the issuance of the Bonds. The
statement of intent contained in this resolution, therefore, is determined to be consistent with the
City's budgetary and financial circumstances as they exist or are reasonably foreseeable on the
date hereof.
12.5. Reimbursement Allocations. The City Clerk -Treasurer shall be responsible for
making the "reimbursement allocations" described in the Regulations, being generally the
transfer of the appropriate amount of proceeds of the Bonds to reimburse the source of temporary
financing used by the City to make prior payment of the costs of the Improvements. Each
allocation shall be evidenced by an entry on the official books and records of the City maintained
for the Bonds or the Improvements and shall specifically identify the actual original expenditure
being reimbursed.
PASSED AND ADOPTED by the City Council of the City of Laurel, Montana, this 20th
day of June, 2017.
Mar A. Mace, Mayor
Attest:
Bethany Kee er, Clerk/Treasurer
EXHIBIT A
FEW
E. RAILROAD ST.
z
err
—
4
n
,I
F
INS
r
Z
O
SE 4TH
'00
o
gyp• �
�
..
co
N'
o
50
t
f
..:
+t »
r
s^
77
y
Q
o
0
0
0
0
o
0
O
0
O
0
o
0
o
0
O
0
o
0
o
0
O
0
o
0
0
0
==
0
0
N
N
N
N
N
N
N
N
N
M
N
m
N
N
M
N
M
N
M_
N
2
6R9
f9
Vi
69
Vi
6q
69
49
V)
V9
.M -i
fA
V!
69
M
b
N
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O
b
0.
Vi
69
Vi
69
V)
O`
fA
ON
6Y
ON
69
as
V)
ON
ON
ON
ON
O,
F
69
Vf
fig
69
V)
C*
b
N
O
b
O
b
O
b
O
b
O
b
O
b
O
�O
O
b
O
b
O
b
O
b
O
b
O
b
O
b
O�l
Z
Oz
gUi
69
T
69
05
69
5
.
F
.
ON
.
O,
fA
O%
O%
.7 >
Vi pQ N
a
vi
64
fA
69
69
69
69
Vi
69
b O vU�
� q
T
O
0
fn y
N
h
Vl
Do
Vl
00
Vl
00
Vl
00
Vl
00
Vl
w
Vl
w
V1
00
Vl
00
Vl
00
1!1
00
h
00
Vl
00
h
00
N
N F
O` -i
N 7
O
N
N 7
N
N 7
N 7
N 7
N
7
N 7
N 7
N a
N 7
N
-`fir-r
O
O -f�ii
O
Orr
O F'i
O F�ii
O
ONi-i
O -f�ii
O -��ii
O .r
O -�rrr
O
v�v�fn°fn
v�mv�v�v�vi
fnv�v��fnv�
A
�z�znoz9zezezez
z�az
z6z(9z6F6z6
--OHO
o^o^o-•O-O-�O
O
O
O-•oa
,0
v�
0
O
OUxOUoUloloRso"Ill,
O
O
UUUOUUOUOUoOOUO
O
O
U
O
_
3�c
xz'
%0
'''`z'
10
b
�c
b
b
b
z'z'zzb
b
%0
b
10 10
b
�o
�o
�o
0�0�o�o�0�o�o�0
3Z3
�`��CQx�DC��CQ
�C��4Q�CQ�CQ�CQ�CQ
DGQDC�DC�DG��C
U
U
U
U
U
U
U
U
U
U
U
U
U
U lu
a
ua�
a
z
OwOwl
v
z
v
`wy
z
wo�1ok1owo"
a
`ya
z
a
`ay
z
a
`ay
z
rya�rya�rya�rya��Q�������d
z
z
OwOwOwOwOwowowO
v
z
vYzvYzv
z
z
z
a
z
v
z
adzz
z
Q�
a
UviUviUriUv,
U,6u'du.u.,fu&6uUTu&6u06uC6uQ6U
U
a
U
a
a
U
a
U
a
U
a
a
z
a
z
w
V)
In3
O
O
,..�
x
CIO
C7
C7
C7
c7
c7
tea'
tea'
a
m
W
O
Fn
.�
0
z
0
0
o
o
O
U
Ca
Q
Q
oU
y
U
M
f%
x
N
[a
m
u
Q
.ww
[wy
f V
N
y�
«x
N
�v
N_
N
ON
F
M
o
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
C1
0.l
CO
PO
co
W
W
0.l
W
CI
W
W
W
W
W
W
a
m
0
o
o
0
0
0
0
0
0
CD
0
0
O
0
0
o
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
o
0
0
v
0
0
0
0
o
0
0
0
0
o
0
0
0
0
0
0
0
C.
O
l-
O
l-
O
l�
O
l�
o
tl
O
tl
O
[l
O
tl
O
tl
O
tl
O
N
7
O
h
00
N
N
10
M
O
N
ff
M_
N
vs
N
N
N
N
N
N
N
N
\666D999
oo"
N
oo
l�
N
�%QO
'R
00
r-
�
a
M
Vl
6e
69
69
61.)
f9
f/i
Vi
6.)
6
69
6Y
.19
H9N
69
666999
t-
Vl
fA
iF
o
O
O
O
OO,
T
T
ON
ON
O1
O
b
o
(71'o
b
000
O
F
69
69
69
6 9
64G9
63
E-169
d3
00
69
�'p
69
Fsi
6�9
M
vi
N
vi
N
6i
h
6i
b
69
C x+
O
O
O
O
�O
O
IlO
o
lO
O
IO
O
lO
O
'0
O
IO
O
00
O
'O
00
O
Q\
O
N
r
Vt
N
00
O
M
ll
O
6s
�
�
O
b
00
(�
w
p
o0D
Q00
6�9
669
66e
669
669
6r9
6�9
106s 1.9
vi
vi
fA
O
�
vl
Vl
Vl
M
q0.
a
6s
6�9
Gn
669
_
C CC
OD
OO
h
O1
Wl
00
O\
h
00
IM
r
O
g N
�0
8
M
00
00
00
00
O�
N
f y
V
6s
Hf
y100
O
000
000
N
.d � W
DD
V1
00
00
00
yv
N
�'
h
Vl
00
h
r
00
h
—
00
h
—
00
h
—
00
h
—
00
—
V1
00
h
V1
a0
h
Vl
W
—
Vl
00
00
O\
\0
K
O\
7
00
O\
00
h
n
O
M
Vl
O
O
M
\O
00
O
00
O\
r
00
O\
O
.~r
.~-i
0o0
.�+
of
N
O
.r -i
00
000
C
t�%
O m
V
v'i
vi
vi
vi
vi
7
M
0o0
N0r0
r
[�r
[�vr��
O
[vrri
O
(vrri
O
[�Vrri
O
O
O
0
0
(vrri
0
0
rq
q
g
F
q
F
q
F
q
F
H ey
p
F
F
F
q
H
F Q
0
O
O
O
O
O
O
F
O
F
O
F
CW�y
CGGdy��y
cn6v�cn¢v�
(WW��,
fW��
fWW���
{ff�ll�
�(W(.c����
(WWQ��
tfWfx
6
z
oz
oz
oz
z
�¢N6r¢W¢V¢V)¢tn
oz
z'ozez�'ozGzGjc�j
to
O
�O'"O�O�O
NO�O�O�O�O�O�����
oO
UOUOUOUOUOUOU
O
OOO
O
O
OU
O
OU
�� Q
yyS�SQ
uU10,1
5Q
Wo
a�
�o
_
�o
___�
%
�000�3��D����3°3��M���������N�M���a
�o
�o
�c
�o
0
%
�o
�o
�o
o�o�o�o�o�o�o�o�oa�o�s�o�o�o�o
�ri���v;��0.�c,;x,.,;v�,n��oF,•aF,aFaFaE„aF„aaH•�F,a
U
u
U
U
U
H
U�
U�
U�u�
V] .-i
CA .u:
fn N
�- N
6Q51 u
y N
y N
w
z
z
z
z
z
z
z
o wo
z
z
wpwa�.a�ga�a�a�a�
z
a
OwOwOw
v
v
v
OwOwo
v
�
a
v
a
a
a
ui
ut
ui
uS
ua
� w
u3
ut
uS
u &6
u &6
u vi
U,6
u qu
i
U,6
U,6
U,6
U,6,.ao`y.�r��ci�i��i�.ai��`aya`wa`ya
a
a
a
a
a
U
a
o
a
O
O
O
O
"
O
O
�
U
a
U
a
d
`w�'
x
d
¢
d
¢
d
a
¢
¢
.�a
CA
0
U
of
vFi
vFi
ai
rn
�
�
c7
v
u"3
Q
0
U
w
o
0
0
o
O
�
O
O
U
ai
W
d
N
N
N
N
F
o
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
M
0
W
W
W
W
W
W
W
07
W
0]
W
W
W
Lq
GO
PC
W
W
W
I
@
EXHIBIT C
C-1
"Rounding amount will be split equally and allocated to Revolving Fund Deposit and Reserve Amount.
OPINION OF PROBABLE COSTS
WASHINGSTON AVENUE ROAD IMPROVEMENTS
,kin
Unit
Quantity
Unit Cost
Total
Leveling Course
LS
1
$11,250
$11,250
Cold Milling
SY
2,690
$2
$5,380
2" Asphalt Overlay
SY
5,360
$8
$42,880
Asphalt Geotech Fabric
SY
1,000
$11
$11,000
Asphalt Patching
SY
250
$65
$16,250
Adjust Manholes & Valves
EA
15
$550
$8,250
Subtotal: Direct Construction Cost
$95,010
Mobilization, Bonding, Etc.
$4,300
Traffic Control
$2,400
Total Construction Cost
$101,710
Engineering & CM
$38,800
SID Formation Assistance
$2,000
Total Capital Cost
$142,510
Laurel Urban Renewal Agency Contribution (Cold Milling + share of
($10,715)
Indirect Construction Costs +
$5,000 Eng & SID Fee)
Total Cost to Finance
$131,795
Cost of Bond Issuance for SID
Revolving Fund Deposit
5.0%
$7,731.66
Deposit to Reserve Account
5.0%
$7,731.66
Underwriters Discount
0.0%
$0
Bond Counsel
$8,000
Rounding*
$237.89
Total Cost with SID
$155,496.21
Cost Per Square Foot
Total Lot Square Feet
865,499.4
Cost Per Square Foot of Lot
$0.18
"Rounding amount will be split equally and allocated to Revolving Fund Deposit and Reserve Amount.
OPINION OF PROBABLE COSTS
WASHINGSTON AVENUE ROAD IMPROVEMENTS
Unit
Quantity Unit Cost
Total
Lot 1 (119 S Washington Ave)
35%
5' Concrete Sidewalk (810 sq. ft.)
SY
90
$71
$6,390
Driveway Approach (360 sq. ft.)
EA
2
$2,100
$4,200
Remove & Dispose of Tree
EA
1
$500
$500
Lot 2 (205 S Washington Ave)
30%
5' Concrete Sidewalk (855 sq. ft.)
SY
95
$71
$6,745
Driveway Approach (180 sq. ft.)
EA
1
$2,100
$2,100
Relocate Sign
EA
1
$175
$175
Relocate Phone Pedestal
EA
1
$650
$650
Lot 3 (219 S Washington Ave)
28%
5' Concrete Sidewalk (855 sq. ft.)
SY
95
$71
$6,745
Driveway Approach (180 sq. ft.)
EA
1
$2,100
$2,100
Lot 4 (Solberg Enterprises, LLC)
7%
Driveway Approach (200 sq. ft.)
EA
1
$2,100
$2,100
Subtotal: Direct Construction Cost
$31,705
Mobilization, Bonding, Etc.
$1,200
Traffic Control
$1,500
Total Construction Cost
$34,405
Engineering & CM
$0
SID Formation Assistance
$0
Total Capital Cost
$34,405
Total Cost to Finance
$34,405
Cost of Bond Issuance for SID
Revolving Fund Deposit
5.0%
$2,018.34
Deposit to Reserve Account
5.0%
$2,018.34
Underwriters Discount
0.0%
$0
Bond Counsel
$1,000
Rounding*
$62.11
Total Cost with SID
$39,503.79
*Rounding amount will be split equally and allocated to Revolving Fund Deposit and Reserve Amount.