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Home My WebLink About7.A.2. Proposed Assessments for the 2007 Street Reconstruction Project, Project No. 2007-2 ~.fl.l. · CITY OF SHAKOPEE Memorandum TO: Mayor & City Council Mark McNeill, City Administrator FROM: Bruce Loney, Public Works Director SUBJECT: Proposed Assessments for the 2007 Street Reconstruction Project, Project No. 2007-2 DATE: March 6, 2007 INTRODUCTION: From the February 20, 2007 City Council meeting, the Council directed staff to review assessments over the past 15 years and to have adjustments to assessments for inflation on corner lots. BACKGROUND: From the February 20,2007 meeting, staffhas calculated the inflation rate from 1993 to 2007 from sites that track inflation rates and common prices index increases. Attached to this memo is staffs analysis on the credit amount and the number of lots affected. In summary, the average inflation rate is less than 3% per year. However, staff is recommending using a 3% inflation rate as was done in the 2006 Street Overlay Project last year. The amount of credits in the 2007 Reconstruction Project total of$5,959.98. In review of street reconstruction projects over the last 15 years, the number of corner lots that may be eligible for this credit or adjustment is very small. Also, in my 12 years as Public Works Director, most of the assessments in street reconstructions, utilized the corner lot assessment or the zonal assessment method, except for the streets adjacent to 10th Avenue in the 1997 overlay. Those corner lots were adjusted last year with the 2006 Street Overlay Project (10th Avenue). In summary, a 3% inflation rate for the past 14 years is appropriate for an assessment credit in staffs opinion. Also, the outstanding liability is low due to the number of lots that could be eligible within a 15 year time period. Staff cannot be 100% positive unless all assessment records were researched. ALTERNATIVES: 1. Direct staff to incorporate a corner lot assessment adjustment, as per the street reconstruction credit sheet (3% inflation rate). 2. Direct staff to incorporate a corner lot assessment adjustment, per a different inflation rate. 3. Table for more information. RECOMMENDATION: Staff would recommend Alternative No.1. ACTION REQUESTED: Direct staff to incorporate a corner lot assessment adjustment, as per the street reconstruction credit sheet (3% inflation rate). ~~ Bruce Loney P . Public Works irector BUpmp ENGR/2007PROJECTS/2007RECON/WORD/CORNER-LOT-ASSESSMENTS 2007 STREET RECONSTRUCTION CREDITS TOTAL 1/2 CREDIT WITH PID PROPERTY OWNER PROPERTY ADDRESS LEGAL DESCRIPTION PREVIOUS ASSESSMENT 3% INTEREST ASSESSMENT CREDIT FOR 14 YEARS JAMES R & CANDICE M MACK 8354AVEE 270040740 8354 AVE E SHAKOPEE, MN. EAST SHAKOPEE Lot-005 Block-012 785,78 392.89 594.28 SHAKOPEE, MN 55379 55379 SUSAN M MARKER 9034 AVE E 270040800 903 4 AVE E SHAKOPEE, MN. EAST SHAKOPEE Lot-001 Block-013 EX N 8' ALLEY 785,78 392.89 594.28 SHAKOPEE, MN 55379 55379 CARLOS ALBERTO LOPEZ 8384 AVE E 2790S13S0 838 4 AVE E SHAKOPEE, MN. Sect-os Twp-115 Range-022 .20 AC P/O N1/2 SW1/4 COM INT S LINE 4TH & W 785,78 392.89 594.28 LINE OF DAKOTA ST, S 150', W 65', N 150', E TO POB SHAKOPEE, MN 55379 55379 DOUGLAS E & CAROL J SNELL 906 4 AVE E 2790S0580 9064AVEE SHAKOPEE, MN. Sect-os Twp-115 Range-022 .19 AC PIO NE 1/4 SW 114 BEG EXTENS SLlNE 785.78 r92.89 594.28 4TH & E LINE OF S EXT DAKOTA ST, S 142, E SO, N 142,w SO TO BEG SHAKOPEE, MN 55379 55379 AARON P WOCKENFUSS 537 SPENCER ST S 270015770 537 SPENCER ST S SHAKOPEE, MN. CITY OF SHAKO PEE Lot-001 Block-077 & W 23' OF 2 EX N 8' ALLEY 1136.97 568.49 859.88 SHAKOPEE, MN 55379 55379 LEE C GOMER ET AL 603 SPENCER ST S 270015910 603 SPENCER ST SHAKOPEE, MN. CITY OF SHAKOPEE Lot-007 Block-078 & LOTS 8-10 (N SO' OF LOTS) EXE 1S' 757,98 378.99 573.26 SHAKOPEE, MN 55379 55379 DENISE M BAUMGARD 639 SPENCER ST S 270015850 639 SPENCER ST S SHAKOPEE, MN. CITY OF SHAKOPEE Lot-001 Block-078 & LOTS 2 & 3 S SO' OF (EX E 16' OF) 757,98 378.99 573.26 SHAKOPEE, MN 55379 55379 EDMUND H & BRIDGET L MOSSER 404 7 AVE E 270017700 404 7 AVE E SHAKO PEE, MN. CITY OF SHAKOPEE Lot-009 Block-103 LOTS 8-10 EX S 71' OF 757,98 378.99 573.26 SHAKOPEE, MN 55379 55379 JUSTIN L KULHANEK-DERKS 735 SPENCER ST S 270017S80 735 SPENCER ST S SHAKOPEE, MN. CITY OF SHAKOPEE Lot-001 Block-103 S 71' OF LOTS 1 & 2 757,98 378.99 573.26 SHAKOPEE, MN 55379 55379 JERRY E ENGLAND 805 SPENCER ST S 270017760 805 SPENCER ST S SHAKOPEE, MN. CITY OF SHAKOPEE Lot-010 Block-104 N 71' OF 9 & 10 5S8,49 284.24 429.94 SHAKOPEE, MN 55379 55379 TOTAL 7,880.50 3,940.25 5,959.98 2007 RECONSTRUCTION H:\2007 ENGINEERING PROJECTS\2007 RECONSTRUCTION\Feasibility\Credit Previous Appendix - 15 Historical Inflation data from 1914 t the present Page 1 of2 Historical US Inflation Rate 1914-Present Home> Inflation> Historical CPI Release Oates Inf Articles CPI-U Index Oil Inflation Gasoline Inflation Fintrend Articles , Ads bv Gooal.. Fed Inflation 2004 Inflation Beat Inflation Inflation Tax Article: Lower Your Taxes Big Time The following table provides all the Inflation data from 1914 to the Present. For the current inflation rate data just since the year 2000, see Inflation page. The Inflation rate is calculated from the Consumer Price Index (CPI-U) which is compiled by the Bureau of Labor Statistics and is based upon a 1982 Base ohoo. To view the actual Consumer Price Index data that this inflation data is calculated from, go to the Historical CPI table. A CPI of 195 indicates 95% inflation since 1982, the commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. To find Prior Inflation rate data on this table (back through 1914) click on the date range below the table. The "Ave" on this table is the Average of the individnal Inflation rates for that year. Caution, you can not just add the inflation rates from two consecutive years or even average them to find the total inflation between two dates. If you would like to calculate the inflation rate between two dates you must base your calculations on the actual CPI index or you can use our handy easy to use Inflation calculator or you might prefer to use our Cost of LivinQ Calculator to compare the costs in two cities. You can find links to Inflation and Consumer Price Index data for other countries HERE. A chart of Inflation bv decade. Annual Inflation and Confederate Inflation is also available. Menu navigation is available on the menu bar on the left of every page. We have a complete IistinQ of all of our Articles on inflation, including Inflation Definitions, Which is better HiQh or Low Inflation. and How to Calculate Inflation, Inflation Adiusted Oil Prices (Chart) and Inflation Adjusted Oil Prices (table). Complete Historical Inflation You might also be interested in the wide variety of articles on our sister site Financial Trend Forecaster like Rate data from 1914 to the the article on FindinQ the riQht MortQaQe. DevelopinQ a Millionaire Mind. a complete list ofthe present. Presented to two decimal articles on Financial Trend Forecaster is at the FTF Article Archives. place accuracy in table fonnat. Our inflation data provides a "finer" view than using the typical YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVE one decimal place. Rather than saying the annual 1995 2.80% 2.86% 2.85% 3.05% 3,19% 3.04% 2.76% 2.62% 2.54% 2.81% 2.61% 2.54% 2.81% inflation rate for two consecutive 1994 2.52% 2.52% 2.51% 2.36% 2.29% 2.49% 2.77% 2.90% 2.96% 2.61% 2.67% 2.67% 2.61% months was 3.0% our data may show it as 2.95% and 3.04% 1993 3.26% 3.25% 3.09% 3.23% 3.22% 3.00% 2.78% 2.77% 2,69% 2.75% 2.68% 2.75% 2.96% respectively. 1992 2.60% 2.82% 3.19% 3.18% 3.02% 3.09% 3.16% 3.15% 2.99% 3.20% 3.05% 2.90% 3.03% 1991 5.65% 5.31% 4.90% 4.89% 4.95% 4.70% 4.45% 3.80% 3.39% 2.92% 2.99% 3.06% 4.25% 1990 5.20% 5.26% 5.23% 4.71% 4.36% 4.67% 4.82% 5.62% 6.16% 6.29% 6.27% 6.11% 5.39% 1989 4.67% 4.83% 4.98% 5,12% 5.36% 5.17% 4.98% 4.71% 4,34% 4.49% 4.66% 4.65% 4.83% 1988 4.05% 3.94% 3.93% 3.90% 3.89% 3.96% 4,13% 4.02% 4.17% 4.25% 4.25% 4.42% 4.08% Ads bv Gooooooale 1967 1.46% 2.10% 3.03% 3.78% 3.86% 3.65% 3.93% 4.28% 4.36% 4.53% 4.53% 4.43% 3.66% 1988 3.89% 3.11% 2.26% 1.59% 1.49% 1.77% 1.58% 1.57% 1.75% 1.47% 1.28% 1.10% 1.91% Current Inflation Rate 1985 3.53% 3.52% 3.70% 3.69% 3.77% 3.76% 3.56% 3.35% 3.14% 3.23% 3.51% 3.80% 3.55% $150k loan for 1964 4.19% 4.60% 4.80% 4.56% 4.23% 4.22% 4.20% 4.29% 4.27% 4.26% 4,05% 3.95% 4.30% $381/month. Apply online today! Jump to a Specific Pate Range Refinance.Low.com _lJ!.~Jl--Z.~. .1_9_~-"=.1.l!.~ 1.93kl_9_4Z a4.R'.19.~.9. .1.9.6.!!.'_U7.1 IJ1n,.a!l.~. 1.9.!l'k.U9.~_ .19Jl.6.~J!.!!Z Inflation Rates The latest news headlines on Inflation Rates - Times Online Webmasters- If you would like to add this table to your website and have it updated live visit our .CQII.te.nt WWW'.timesonline.CQ.uk !:9.!:..Y2.l,!r.lIV!';!?"'l~"'- page. Ads bv Gooooooafe Advertise on this site ~.QQZ.lmlaJIO!1Rate C9!!!pare.!!l1Q!1.!l1lge Ra.t~li Refinance Now & Save 1000s Apply Now - Bad Rates Still Near Historic Lows, Get Your Free Instant Credit OK! Quote Nowl v.ww.Compare.com RaleSlide.com !nterestBa.teJ:!.!l;J9..'Y Current InflatiQn Check Rates and Estimate Payments, Apply Online, Get Here is the ultimate the Lowest Rates! resource about Current www.myFICO.com Inflation clear6.com!current ~tire on 1).~,-G.Ql1.J.O_QPhQte New "SRI" Income Program Could Enable You to Retire Immediately InflaliQn www.DailyWeafth.comflncome_Report Get Inflation info for free, from InduslryWeek www.lndustryWeek.com Didn't Find what you are looking for? Advertise on this site Try a G()ogle~ Search Fight Inflation bv (Ii) Web o InflationData,com http://inflationdata.comlinflationlInflation _ Rate/HistoricalInflation.aspx?dsInflation _ currentPage= 1 2/26/2007 Historical Inflation data from 1914 t the present Page 1 of2 Historical us Inflation Rate 1914-Present Home> Inflation> Historical CPI Release Dates Inf Articles CPI-U Index Oil Inflation Gasoline Inflation Fintrend Articles , Ads bv Gooal.. Fed Inflation 2004 Inflation Beat Inflation Inflation Tax Article: Lower Your Taxes Big Time The following table provides all the Inflation data from 1914 to the Present. For the current inflation rate data just since the year 2000, see Inflation page. The Inflation rate is calculated from the Consumer Price Index (CPI-V) which is compiled by the Bureau of Labor Statistics and is based upon a 1982 Base ohoo. To view the actual Consumer Price Index data that this inflation data is calculated from, go to the Historical CPI table. A CPI of 195 indicates 95% inflation since 1982, the commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. To find Prior Inflation rate data on this table (back through 1914) click on the date range below the table. The "Ave" on this table is the Average of the individual Inflation rates for that year. Caution, you can not just add the inflation rates from two consecutive years or even average them to find the total inflation between two dates. If you would like to calculate the inflation rate between two dates you must base your calcnlations on the actual CPI index or you can use our handy easy to use Inflation calculator or you might prefer to use our Cost of Livina Calculator to compare the costs in two cities. You can find links to Inflation and Consumer Price Index data for other countries HERE. A chart of Inflation bv decade. Annual Inflation and Confederate Inflation is also available. Menu navigation is available on the menu bar on the left of every page. We have a comDlete Iistina of all of our Articles on inflation, including Inflation Definitions, Which is better Hiah or Low Inflation. and How to Calculate Inflation, Inflation Adiusted Oil Prices (Chart) and Inflation Adiusted Oil Prices (table). Complete Historicallnflation You might also be interested in the wide variety of articles on our sister site Financial Trend Forecaster like Rate data from 1914 to the the article on Findina the riaht Mortaaae. Developina a Millionaire Mind, a complete list ofthe present. Presented to two decimal articles on Financial Trend Forecaster is at the FTF Article Archives. place accuracy in table fonnat. Our inflation data provides a "finer" view than using the typical YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVE one decimal place. Rather than saying the annual 2007 2.08% inflation rate for two consecutive 2006 3.99% 3.60% 3.36% 3.55% 4.17% 4.32% 4,15% 3.82% 2.06% 1.31% 1.97% 2.54% 3.24% months was 3.0% our data may show it as 2.95% and 3.04% 2005 2.97% 3.01% 3.15% 3.51% 2.80% 2.53% 3.17% 3.64% 4.69% 4.35% 3.46% 3.42% 3.39% respectively. 2004 1.93% 1.69% 1.74% 2.29% 3.05% 3.27% 2.99% 2.65% 2,54% 3.19% 3.52% 3.26% 2.68% 2003 2.60% 2.98% 3.02% 2.22% 2.06% 2.11% 2.11% 2.16% 2.32% 2.04% 1.77% 1.88% 2.27% 2002 1.14% 1.14% 1.48% 1.64% 1.18% 1.07% 1.46% 1.80% 1.51% 2.03% 2.20% 2.38% 1.59% 2001 3.73% 3.53% 2.92% 3.27% 3.62% 3.25% 2.72% 2.72% 2.65% 2.13% 1.90% 1.55% 2.83% 2000 2.74% 3.22% 3.76% 3.07% 3,19% 3.73% 3.66% 3.41% 3.45% 3.45% 3.45% 3.39% 3.38% Ads bv Gooooooale 1999 1.67% 1.61% 1.73% 2.28% 2.09% 1.96% 2.14% 2.26% 2.63% 2.56% 2,62% 2.68% 2.19% 1998 1.57% 1.44% 1.37% 1.44% 1.69% 1.68% 1.68% 1.62% 1.49% 1.49% 1.55% 1.61% 1.55% Current Inflation Rate 1997 3.04% 3.03% 2.76% 2.50% 2.23% 2.30% 2.23% 2.23% 2.15% 2.08% 1.83% 1.70% 2.34% $150k loan for 1996 2.73% 2.65% 2.84% 2.90% 2.89% 2.75% 2.95% 2.88% 3.00% 2.99% 3.26% 3.32% 2.93% $381/month. Apply online today! Jump to a Specific Date Range Refinance.Low.com _~.!!I;!.'.~.!!23_ I.ll~.'I_'-~.!!.3.~ I!!~J;-=-~_9..'f.z ~9_4_8.,.U.~.!!. .l!1_~.Q,-l_!!ZI I.9J..k:!.!!.83 .l9.8.4.,~.99.~ .~9.9.~.,.Z.QJ1Z ~ Independent World News Source Buy Your Subscription For 68% Off! Webmasters- If you would like to add this table to your website and have it updated live visit ourCQ.!:Itgnt Economist.com/SubscribeUS .f..9:r....Y.Q.Yt'....W.ebm!:;. page. Ads bv Gooate CUrr!l.!!!Jntere~tRa.t!l.$ Tables for All Rates, all US States 100s of Lenders, Plus news, more y..,ww.Bankrate.com The Gift of Insight Cd Interest Rates Give Subscriptions to The Economist This High interest rates on Season & Get 60% Off. CD's & IRA's Why settle for less than 8% Economist.com I/IIWW.MLNBank.com 2007 Inflation Rate Get 4 low rate quotes in Myg.rt.ls.e...Q!JJl1ls...~ minutes, Apply Now - Bad Credit OK! Compare.com/Refinance Didn't Find what you are looking for? Advertise on this site Try a Google" Search Fight Inflation by @)Web InfIationData.com http://inflationdata.com/inflation/Inflation _ Rate/HistoricalInflation,aspx?dsInflation _ currentPage=O 2/26/2007 Inflation Calculator- from InflationData.com Page 2 of3 Ads by Gooooooale would cost after increasing by that amount of Save Thousands on Your Current Inflation Rate inflation. To calculate that simply plug the Mortgage $150k loan for inflation rate and the starting amount into this When is it Right to Refinance? $381/month. Apply online How much would it cost calculator today! , Is your salary keeping up with inflation? What How to Find a Good Mortgage Refinance,Low,com you need next year just to keep up. Use our Low Mortgage Rates- Reduce Sa la ry_l!1f(~j:iQnJ;;illcu lato!:: yJly..cPayJr!..eJl_t....or tn..eJe..n.gth_ of Consumer Price Index t.b~..J.._Ojln ? Data Access World Bank Data and Statistics on Romania www,worldbank.org/ro To Calculate a whole year use the same month Le. Jan. 2005 - Jan. 2006 gives a full year. Month Year Current Interest Rates Jan - Dec only gives 11 months. Tables for All Rates, all Start Date: US States 100s of Lenders. Plus news, more End Date: www.Bankrate.com r-~~~i&I!il1da1'~,i2.lwl Current Inflation The inflation rate from December 1992 Top resource and to December 2006 is 42,21% guidelines about Current Inflation clear6.com/current Note: This Inflation Calculator gives you the percentage of increase in prices over a period. For example from January 2005 - January 2006 prices increased 3.99% therefore something that cost $1 in January 2005 would cost $1 + (inflation rate) in Nitrogen for Tire Filling January 2006. 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ASSEN SCOTT CO. -' w ~ci V) 0:: U Z S2 :> E. ~ I- ~ t\'l E. 8th H KO EE w z -' < -' :> ...: V) '" I/) z ~ PROJECT LOCA TIONS I ~ SHAKOPElE 1980- 2006 RECONSTRUCTION cnuNrYl'IlII:IISINCIlB1