Project Funding
Estimated Project Costs | $3,622,590
Funding will be provided through a combination of
- Grant monies | $1.5M from the Minnesota Local Road Improvement Program (LRIP)
- Assessments to benefitting properties (City of St. Michael Assessment Policy PDF)
- City/Municipal State Aid System (MSAS) funds.
Probable Cost Summary |
|
PROPOSED IMPROVEMENT |
ESTIMATED COST |
| Street Improvements (Assessable costs) | $2,077,265 |
| Roundabout Improvements | $615,677 |
| Utility Improvements | $391,106 |
| Pedestrian & Trail Improvements | $538,542 |
TOTAL ESTIMATED PROJECT COST |
$3,622,590 |
Special Assessments
The proposed assessments are split between the following benefitting properties. Assessments are determined in accordance with the City's Street Reconstruction Assessment Policy as outlined in Minnesota Statute 429. Assessments can be paid up front with no additional fees or they may be spread out for 10 years with an interest rate of approximately 5.5%.
- 39 residential properties
- One institutional property
- Five public (City) properties
- Two developer properties
Funding Summary |
||
FUNDING SOURCE |
AMOUNT |
PERCENTAGE |
| Residential Assessments | $153,777 | 4.2% |
| Development Assessments Includes assessment for Fields of St. Michael ($287,000) |
$719,525 | 19.9% |
| Institutional Assessments | $65,457 | 1.8% |
| Public (City) Assessments | $142,269 | 3.9% |
| LRIP Grant | $1,500,000 | 41.4% |
| City/Municipal State Aid System (MSAS) Funds | $1,043,161 | 28.8% |
TOTAL ESTIMATED PROJECT COST |
$3,622,590 |
100% |