1. “Y” STREET: The “Y” Street paving project will be on the March 2 agenda to begin the legal process. The estimated $1.44 million project (including construction, engineering, legal, administration and contingency) will be funded as follows:
Federal Stimulus $495,000
City (taxes) $431,000
Assessments $514,000 ($378,000 is ag deferred)
Preliminary assessment is under $80/ft range. Actual project cost will determine the final assessments. The above figures do not include T21 funds which could be used to keep assessment amounts consistent with the West Euclid project. We are reviewing whether to use TIF or debt service levy to fund the city portion.
FYI—Final assessments on W Euclid are likely to be in the $84/ft range based V&K’s calculations. Therefore a 200’ lot will have an assessment of about $16,700 compared to the original estimate of $24,200.
2. CABLE FRANCHISE: A couple council members indicated they preferred more information about the fee and particularly its affect on Simpson College. According to Mayor Kelley, Simpson spends about $2,900 monthly on Mediacom cable and would therefore pay about $700 annually for a 2% increase. It should be noted students pay for cable through their various fees.
The $36,000 annual revenue (from 2%) equals about a 9 cent reduction on the tax rate ($11.45 to $11.36) and has the following affect on commercial/industrial properties:
Property Taxable Value Saved
Cemen Tech $2,797,300 $252
Herschel Adams $2,567,900 $231
Hy Vee $3,800,000 $342
Country Kitchen $ 573,300 $ 52
These entities are helping subsidize (thru taxes) a service they receive little to no benefit from since they do not have cable. Both Cemen Tech and Herschel Adams have laid off employees in the last year.
3. ONE STOP: A meeting is being scheduled with owners, lawyers and insurance companies next week to discuss the buildings and related options. We are hopeful a decision can be made on which, if any, buildings must remain or be removed. Will keep you posted.
4. RAGRRAI: The organization is taking shape. An advisory committee has been formed and 4 committee co-chairs are being recruited. The next step will be a treasurer, secretary and committee chairs for the 19 committees as recommended by RAGBRAI. Please let me know if you are interested in serving on a committee.
