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A summary of the anticipated funding is presented below. <br />Developer Escrows $ 89,170 <br />MSA $ 181,056 <br />City - Budget $ 412,900 <br />Assessments $ 342,561 <br />Total Revenue $1,025,687 <br />Project 08 -01 will not be an assessment project since funds for the first <br />sealcoating of newly constructed streets have been escrowed by the project <br />developer for this purpose. <br />Project 07 -07 is comprised of collector MSA streets which experience higher <br />project costs because of their wider pavement and need for stripping and <br />pavement markings. In addition, these streets have lower unit densities as a result <br />of the effort made to minimize the number of accesses to these streets. This <br />project will assess fronting properties along these streets the average sealcoating <br />assessment for 2008 program in accordance with Assessment Policy No 10. In <br />addition there are seven commercial properties which will be assessed between <br />two to six shares based upon their relative size in accordance with Policy No. 8. <br />The remaining projects have been aggregated by subdivision or similar lot sizes <br />and will be assessed per unit in accordance with Assessment Policy No. 1. <br />Table 5 of the feasibility study summarizes Sealcoat project assessments are <br />anticipated to range between $271 and $316 per property. The overlay projects <br />have anticipated assessments which range between $1,362 and $1,577 per <br />property. <br />Notice has been sent to all benefited property owners as required by City Code <br />and Minnesota Statues Chapter 429. In addition a resident meeting on the program <br />will be held on March 6, 2008. Staff will investigate any suggested drainage or <br />other improvements and prepare a program to address them prior to the contract <br />being let for the street work. <br />Following the public hearing, the Council should direct any revisions to the <br />feasibility study it deems necessary as a result of the comments made at the public <br />hearing, as the feasibility study will serve as the basis for determining the work to <br />be performed and the method in which project costs will be financed. Assuming <br />no petitions are received from a majority of the benefited properties opposing the <br />improvement, the Council will be asked to order the projects at the May 13, 2008 <br />City Council meeting. It is anticipated that contracts will be awarded at the June <br />10, 2008 Council meeting and work will be performed during July and August. <br />This year staff will mail out a notice shortly prior to the construction work being <br />initiated which will provide residents with information relative to the construction <br />activity. Final costs will be presented at the assessment hearing on September 26, <br />2008. Residents wishing to pay the assessment for the work will have until <br />November 1, 2008 to pay the assessed amount to the City. Afterward the City will <br />