Reso 2006-1023 - Laserfiche WebLink

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Sunny Isles Beach Special Assessment Report ESTI/\I1ATED COST OF IMPROVEMENTS In May 2000, the City of Sunny Isles Beach received a Streetscaoe Master Plan prepared by Berml~lIo, Ajamil & Partners, Inc., with Jackson Ahlstedt, P.E. and Tom Graboski Associates, Inc. An extensive study of Collins Avenue provided the opinion of probable costs shown below. lands,~aping Street Lights Utilities Signa(;e Roadwork Street Furniture TOTAL $2,l.S8,353 $!I07,900 $4,;!'10,OOO $4,20,000 $1,M8,506 $630,580 $10,085.339 f.----..--.-..--..---..--- i ! ! , I I I i i I .-.-.....-.-.....'-...-.....-..-..--.--.... --l I Collins Avenue Streetscape Costs Sign.g. 4% Street Furniture 6% Street lights 9% i L Sou'.e Street,."e Me"e, Plen, Utilities 43% _._--_.~ The major cost component is for the replacement of overhead utility lines with underground infrastructure. In addition to the aesthetic improvement, new underground utilities will have a longer useful life and they are less likely to be damaged by South Florida's frequent tropical storms. The eE;timated cost of under ground utilities is $350 per linear foot and the entire length of Collins Avenue, within the City of Sunny Isles Beach, is approximately 2.3 miles. Given the approximate capital cost of $10 million for planned streetscape improvements, it is likely that the City of Sunny Isles Beach will debt finance the project and pledge annual revenue from a special assessment to make debt service payments. The table below indicates a possible amortization schedule that assumes annual payments over ten years at an intl~rest rate offive percent. Annual revenue from the special assessment would have to generate approximately $1,306,100 to cover anticipated debt service payments. 2