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HomeMy WebLinkAbout10-07-2013 Worksession Packet City of Oak Park Heights City Council Worksession Date: Monday, October 7, 2013 Location: Oak Park Heights City Hall — Council Chambers Time: 5:00 PM 1. Call to Order 2. Street Reconstruction 3. Adjourn Page 1 of 16 THIS PAGE IS INTENTIONALLY LEFT BLANK Page 2 of 16 City of Oak Park Heights 14168 Oak Park Blvd. N•Box 2007.Oak Park Heights,MN 55082•Phone(651)439-4439•Fax(651)439-0574 October 4,2013 MEMO TO: Mayor and City Council Mem er' s FROM: Eric Johnson, City Administrator RE: Street reconstruction Items—Worksession 10/8/13 -5 pm Enclosed are four documents 1. A memo from Betty Caruso that discusses the City need to meet the 20%assessment test otherwise a referendum is required. 2. A memo from Betty Caruso that discusses possible changes to the Assessment polices adopted thus far which relate to how the City engages parcels outside (or within)the City that have not contributed to the City Street Reconstruction Fund.This would create a third property classification and would need to be reflected in the City's final policies. 3. A summary of how the City costs compare with area communities. 4. Data on inflationary costs:Chart 1 shows that the City will need to continue to save at a $300,000} pace per year and earn 3%interest to pay for the Street elements via the Street reconstruction Fund alone,yes the City saves, but the construction costs will also rise. Chart 2 demonstrates that as adjusted for inflation at 3%the 1995 assessment of$2,600 is generally less than the anticipated homestead assessment of$3,500 Page 3 of 16 CITY OF OAK PARK r Memo �.4 To: Mayor and Council From: Betty Caruso,Finance Director Date: October 4,2013 Re: 20%Assessment Test As we are developing the Street Reconstruction costs and funding there have been some changes to the total amounts for the various improvements for the project. The increase to the project has also changed the funding needs. In order to issue bonds for this project 20% of the funded improvement must be assessed otherwise the city will need to go for a referendum. Because the assessments for this project are low the project no longer qualifies for a bond as was previously presented. However there are some methods that are available depending upon how we fund the re- payment of the bonds. I have attached a schedule of 4 examples that I will explain in the workshop. We will have to review the policy for assessing tax exempt/City of Stillwater properties along with the possible funding of the water portion of the project coming from water revenue and not tax levy as I had proposed erroneously before. Please see the attached for further explanations. I will have total cost worksheets for our discussion that I will present at the workshop. Page 4 of 16 0 0 — a1 3C n cO ? 0) m c 0 ?n cn M y 1 c y E - O w n :3 d 3 o a ' a1 o n CD FD 0 rn m m D m 3 ° y' 3 (D o f m w -n f m m c (D ID CL 0 CD A CL m 3 ' ra fA N W CD N -u fA ff9 to m T (�! 69 fA .�i T fR fn 69 CAD C C Gl n Cd Ct1 � C� N0 W WC N N0 z W WT 7 7 L N 3 C (D N CD co Cl N co O (fin�' „n„ r@+ n N O r n Q' n w O CA1i a C reD. 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Page 5 of 16 0 0) I 0 9 ° , [ ( ] 0E � » \ � a ;to 2t [ § 2 E $ a � § 2 I k / r k m 0 k A L 2 CA \ k j / _ e ƒ • a 0 / § 10 \ Z3 C. 8 E § _ r \ 2 0 m ƒ © m 8 / -n CD B $ 5 CD C § k � ? n n69 ( § z _ f 90 \ C � { � ) E mo oM # ) k w k 7k § o a 2 ° \ \ 0 M � o - -- - o z 2c C) 0E ; m � � oa / \ k CL 4) § \$ x = m �69� � § 0 � _ 4 2\ / g 50 o g »9 m Q % c co \w & . _ m ° 0 _ e e _ hi m 404 ; 7 k\ 7 § w / [ ƒ k @ \/ 22 / % { Em , w = § - m_ � k \ \ / \ w = w CL CD a) $ \ & & E ± 00034 ( nD0 -c> f ƒ , F \ \ x / � \ / \ \\ \ CD � ocr 3 - < / x CD Page eam C17FY OF OAK PARK 11EIGHTS Memo To: Mayor and Council From: Betty Caruso,Finance Director Date: October 4,2013 Re: Proposed Assessment Calculation The City recently adopted Resolution 13-06-06 relating to the General Parameters for the Necessary Street Reconstruction Planned for 2014 and 2015. In the resolution the direction was set forth for the calculation of the related street assessment for Homestead and Non-homestead properties. While working on the preliminary work for the project, a third classification of Tax Exempt/ City of Stillwater property revealed that this classification of property benefitted from the reduced assessment. The preliminary assessment calculations were based on a net cost after the funds from the Street Reconstruction Fund had been applied which brought the cost of$129.85/foot to $37.57 per foot for Non-Homestead properties. The Street Reconstruction Fund is an accumulation of funds derived from tax dollars levied against the tax payers of the City of Oak Park Heights. Being Tax Exempt and the City of Stillwater properties do not pay taxes, it should be considered to charge them at full price. ** I have calculated the assessments using the full cost method to the Tax Exempt/StiIlwater Properties and will relay this information to you during the workshop for your direction on how to proceed. **See Assessment&Project Polices for 2014-2015 Street Reconstruction Page 7 of 16 Cl) O) O O 0) O h (14 U) O h O CO O O O 1-- N t- '(00 O O O O 040 LO 117 CC) 00 ti m LO M O O LO d 0 N (0 (0 p tl) r co N O 1+ CD r CO 0 0 CD N O N C4 M 't 0) 0 CD 00 ti 11 LO O O Ln N O M d' O LC) O) CON L() N LO O tv O (O 1- V O p LO Cl) N O MmN C6 ci 1+ ra0 W t+i F N O (to a r V Cl) LOL) M 0) Lf) M r tR fR) M ('Q O O CO CO O c-4 r-- (D co N V O O 1, 4 m C N (D LO - a V - M " r r 0 0 r N O -O F- V h (C O A (D Ln N O) M O G th M O r 0 CO W Cl) V Do 1- M Lb CO r M O) d O 0) 03 O 'O Z L7 O V r N (+') O) co to LL) Ln CO to Ln Ln X Q N O N r l(7 O M v LO O m C W d M (D h N N It n N r O M O 0) N r- O co 't M -t O O M ti O w OO M U3 W CO O CO M N V CO M 1• M N O R M V a O r t- 3: rn 0 O r r O M N C N V (V r O O r !` CO r 01 a) M CO LO 'It V ti N to Cl) It O O N 11 co N (� C N Ln 0) V O O Ln O O O 0) 0 O) _ N a0 -7 N V (d C6 m O N a W m O O N LL! @ N pl L--. 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LU Z Z O Q Q LL LY a O 2 z W � w z O ui� � a W aw LU LL u�i W M w a U) W L� O W Q z z W 0 (rJ Q 0 W U) o � x � �- L- ww 0 aW 2 P _ z a ° p 0 o W W Q a " ° z ~ pw > w F- U) vi v p0 z w w w G L- Q Z w d H Q a Q Q w z z O LLJ L- y W � '� O W V) H z z Q Q 2 J -° Q H w w Of w a m 0 V U O X w F- LL LLI~ w O vJ Ln m (n Q X J fn LL LU d a llJ H W CA J J N O QO w W W Q LiJ 2 2 F x O LLJ H F Q � xQ S � Page 10 of 16 xks CITY OF OAK PARK HEIGHTS SUMMARY OF STREET RECONSTRUCTION COMPARISON The City of Oak Park Heights is planning a street reconstruction project which will be funded by internal funding, bonding, and property owner assessments. The City of Oak Park Heights conducted research to compare the assessment for this project against what other communities in the area would charge for the same project. The street reconstruction project has a total estimated cost of $10,774,069. Internal funding will cover $6,681,000, and the City will issue bonds for approximately $4,300,000. Per the City's Assessment Policy, Non-Homestead properties in the street reconstruction area will pay an assessment of$37.57 per front foot on the improved street. Homestead properties will per charged $3,500 per residential unit. The City of Oak Park Heights obtained assessment cost information from Stillwater, Woodbury, Mahtomedi, Oakdale and Maplewood and completed a comparison of what this same project would cost a homestead residence in those communities. Attached is a comparison of the compared communities' assessment policies and the amount that would be assessed to homestead and non-homestead if the City of Oak Park Heights had a similar policy. The amounts calculated are based on the street reconstruction costs only. The purpose of the comparison is to show affected property owners their assessment as compared to surrounding communities for the same project. Page 11 of 16 rq OJ °o 0 -4 O~ ~O J u o 0 O LL LL O i oo > a � a > a o O a In LLJ -In u* u J p H O o O 3 = o 3 o � 0 V O a � m -+ J a LO a a M 4j). o ° ° W Z N Z W p LU w Ln p g c., w x > D in = O a a > a V1 W LU Z g In U H LLF O J } 14 LL LLu a cr j 0 o v = n 00 161.1 U ry LL H O O O N LAI U 0 o OU J 0 0 3 m m O 3 LL n7 V z Lu O p Q a ~ a 00 O CC O v O z w U.1 N o a o a LU °1 U 3 LL 0 3 J O O J F- 0 ° o Z CA V Ln O F U Z W y/} w L1G LU o F- LU O O In W H H O H M LL Q M O !N t-I Y W I- F Y i%1 L!] a0 = w L = a x a 0O a > > 0.1 x a a a F O z w O g v Q �_ v o °a " N LU °¢ Lu C6 Ln f- vHi LU F a LL Z LU W °a w 2 o � g � 0 VV) 2 z w z In Z 4 ° 0 Page 12 of 16 Okv of Oak Park heh[hts Estimated Savings required to Fully Fund w/out Assessments Street/Curb Ekerwrrfs Orth. Street Street Reconstruc0oo Rec"ructlon Contribution Fund balance as Fund balance as from General of 12131 of 12/31'*-- levytoSRF Year "9naASi- -.M.16 2004 S 405,774.0 $ 40S,774,0 t«emta-acre dtaR,ea euereaon sat-tin.oa�sea 1.5091 S 100,000 1005 $ 510,826.0 S 510,826.0 tonm"1-14- drarmeexnmm s-P F--F-W-> 3.00% $ 152,1R0 2006 $ 689,138.0 S 688,13&0 $ 225,000 2007 $ 951,872.0 $ 951,872.0 $ 320,000 2008 $ 1,317,841.0 $ 1,317,841.6 $ 320,000 2009 S 1,424,962.0 $ 1,424,962.0 $ 320,000 2010 $ 1,780,202.0 6 1,780,202.0 $ 320,000 2011 $ 2,133,008.0 $ 2,133,008.0 S 329,000 2012 S 2,492,526.0 $ 2,492,526.0 Construction Inflation lnde Amounts-Aver.es $ 337,225 2013 5 2,829,751.0 $ 2,829,751_0 3.00% 6.00% ELOD% 10.00% 1 12.011% S 349,295 2014 $ 3,179,146.0 $ 3,179,046-0 $ 4,514,970 $ 4,514,970 5 4514,910 S 4.514.970 S 4,514,970 6 300AM 2025 S 3531,231.7 $ 3,583,417.4 $ 4,650,419 $ 4,785,868 $ 4,876,168 S 4,966,467 5 5,056,767 $ 300,000 2016 S 3.888,700.2 S 3,999,919.9 S 4,789,932 $ 5,073,020 S 5,266,261 $ 5,463,114 S 5,663,579 $ 300,000 2017 $ 4,251,530.7 $ 4,428,911.5 5 4,933,630 $ 5,377,402 S 5,687,562 $ 6,009,425 $ 6,343,208 $ 300,000 2018 $ 4,619,903.6 $ 4,870,785.0 $ 5,081,639 $ 5,7Dn,046 $ 6,142,567 $ 6,610,368 $ 7,104,393 $ 300,000 2019 S 4,993,600.7 S 5,325,908.6 5 5,234,088 $ 6,042,049 $ 6,633,972 $ 7,271,405 $ 7,956,920 $ 300,000 2020 $ 5,373,004.7 S 5,794,685,8 $ 5,391,110 $ 6,404,571 S 7,164,690 S 7,998545 S 8,911,751 $ 300,000 2021 $ 5,758,099.8 S 6,277,526A 5 5,552,844 5 6,788,846 S 7,737,865 $ 8,798,400 $ 9,981,161 S 300,800 2022 $ 6,148,971.3 5 6,774,852.2 S 5,719,429 $ 7,196,176 S 8,356,895 $ 9,678,239 $ 1I,178,900 $ 300,000 2023 $ 6,545,705.8 $ 7,287,097.8 S 5,891,012 $ 7,627,947 $ 9,025,446 S 10,646,063 6 12,520,368 $ 300,000 2024 S 6,948,391.4 $ 7,814,710.7 $ 6,067,742 $ 8,085,624 $ 9,747,482 5 11,710,670 S 14,022,812 5 300,000 2025 5 7357,1171 S 9,358,152.0 5 6,249,775 $ 8$70,761 5 10,527,280 $ 12,881,737 5 15,705,549 $ 3001000 2026 $ 7,771,974.0 S 8,917,896.6 5 6,437,268 5 9,085,007 S 13,369,463 5 14,169,910 S 17,590,215 $ 30D,D0O 2027 $ 8,193,053.7 S 9,494,433.5 5 6,630,386 $ 9,630,107 $ 12,279420 S 15,586,901 $ 19,761,041 $ 3001000 2028 $ 8,620,449.5 $ 10,088,266.5 5 6,829,297 5 10,207,914 S 13,261,342 $ 27,145,592 $ 22,065,166 5 300,000 2029 $ 9,054,256.2 $ 10,699,914.5 $ 7,034,176 $ 10,820,389 S 14,322,249 S 18,8611,151 5 24,712,986 $ 300,000 2030 $ 9.494,570.0 S 11329,9119 S 7,245,202 $ 11,469,612 $ 15,468,029 $ 20,746,166 S 27,678,544 $ 30Q,000 2031 $ 9,941,488.6 5 11,978.8093 $ 7,462,558 $ 12,157,789 $ 16,705,471 $ 22,820,782 $ 30,999,970 $ 300,000 2032 $ 10,395,110.9 $ 12,647,173.5 $ 7,686,434 S 12,887,256 S 18,041,909 S 25,102,861 S 34,719,966 S 300,000 2633 $ 10,855,537.6 S 13,335,588.8 S 7,917,027 $ 1300,491 5 19,485,261 S 27,613,147 S 38,886,362 $ 300000 2034 $ 11,322,870.7 $ 14,044656.4 $ 8,154,539 $ 14,480,121 $ 21,044,082 $ 30,374,461 $ 43,552,725 $ 300,000 2835 5 11,797,213-7 S 14,774,996,1 $ 8,399,174 $ 15,348,928 $ 22,727,609 $ 33,411,908 $ 48,779,052 yet' (1)-Assuming the CH:V Spends no$SS and we continue with Savings.... Street Recon Fund v.Costs slsaoolnpo T- -- nc'e as of�Street8ttons li I 'Yund 6ala -fI2 12/31 {1}W 15%interest Eamitgs r $14.OmtgO-0 -- 13.0096 I i 1 ! ` i $0.000..68.0 6 Dax p -��Street fleconsrrvRbn d I I { ± I � I i Fuad Wlarc'e as of 12131. a I I I I (1)w 3.O%interest v I ' I � Eemings . 58,000,000.0 KOKOMO y I I I I I Page 13 of 16 Street Recon Fund v. Costs S1s,004,aoa.0 � � i C I $16,000,000.0 - _� -4--Street Reconstruction I II Pund balance as of 12/31 411 w 1.5%Intorest Earnings $14,004,400.4 - - � I � 00r, t 3.0096 I � I $12,04-400.0 -- 6.00% o I f j i - Street Reconstruction I fff li I Fund balance as of 12/31 a I�, (1)w 3.0%Interest i U _ �, � � Earnings I I i m ' Z 58,000,0W.0 - - Ile I Ar S6,ao4,004.4 II -- i V' 6 46 , ! j $2,400,40-0 --E! I- - -- - N N N N N N N N N N N N N N N P P O O P O O 9 O 4 O O O O O O O O O O O O N r N LLNi a m V N fu r w W H Page 14 of 16 N ti 0. �IMs N C CL cc I u I � i s C �io y E $ I � I S c I 8 momnrlrn� mnc�o{ aw.°Ssw� °+ ui ni .n.� .. M yny 9A QQ� N EO Jl f�N N om ul W O N m pp V- �ri ip n ap(ri 51 � m C N n N 8 N Q Y1 CD n m r C a .al N N O n a0 00 a W u0 n O � ul N 4O Sri d d ui�.i+u.c n eo at o M N..i d io n of n W W M M H M W Q E $ $".$� gmngnn u1Oi�mm �n v"'i_ q `o"a< ,� E �`+nmRimmddd�n mEenrimmm o� � �� 0 4 v o d wvsf V 44 p (ry�� p�p pp QC�� pp Irl mm yu�� `a vi m c m ai M r u' ry .vp-i � m n v m n Nmm N V W Qni .Mi m N n P k h Q 4G m u1 W W fs N N N N f+i m m m m d Q d N ul Ot n m m b A�b�p n p N ry ti T KQ d W n P]0�0 Gni O m V N b h m n N n u�i b A Q� � � r1'n"N m'nimmmm m"v ddd dddd L E O O C N N�n N N N VY Y4 N VF V4�R VS h N N N N N�� qNq o � r Page 15 of 16 C) 0 O O O ° Q p N fri t0 00 .a .-1 W ' N � N V _ r-F Ln O rl d N rN-I N ° N 4 �4 O LM l N M O cyl y� N t+M O C ry C O CL E r O V N �o X p N b O N m i _m � N C p � p N V N d 0 co L O1 m o °o C? °o °o C? °a °o °o °o 0 0 0 0 0 0 0 ui o vi o ui o ui m m N N -4 -1 v} Page 16 of 16