Agenda - Public Works Committee - 09/16/2008

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have; their Gast repart~;d t~.a Anoka County and coller~ted t>vex a period of ctp to tc:n years with int~;xest at, a rate at two percent (~"'~G~? above tl~e U,S. °1"reasury bate at the time of the ,~peaial ~,s~e;~,srrtent hzarirtg, A,t an estimated interest rate a:t' S,~ `/o, annual payments wa~tld range trc~n~ ~87~ to X57 ovex this te.n yeax period. ~'t~.O.J~CT SC~~pU~ "T'l~is project is antlc^ipated tca praceed under the regulations a@'Chapter 4 aFCity Code and State Statutes 42'~ which regulate special assessrn.ent public improvement projects. A sched~.lle far the progress of this project is anticipated as'follaws: ~ ,October 2008 Present feasibility study to City Council and Order public hearing ~ November, 200$ Hold .public hearing ~ January, 20U~ Authorize project by City Council. (6.O days after-the public hearing) • April, 200 124ceive plans and_specitcations and attthar~e bids May, 200 P,eceive bids and award c~nstrilctian ca~tract • June. 200~~ Canstnict project * September 23, 20Q9 l told assessi;rient hearing ~tnd levy assessments * May ? O l (~ 1" xst assessment ~~~yment d~~e `' The above sched-:tl.e is dependant ~tpat~ tl~e require~:City luncs~ being available for this project tivithin the 200 calendar year; Aa~nLtally the City loos budgeted ~ far petitioned street paving projects such. ~s this one, Ct sho~ild be Hated that laetitio.ns :for multipt~ projects have been received: tar c:anstruc:tian is 2009, Authorization of another of Chesc; projects would rec~~Yr~ this project tc~ be delayed until adequate funding becomes available. SUNIlVIAI2Y AND CONCLUSIQNS The proposed improvements are technically feasible and will benefit the area served. It is recammencled that the City take the steps discussed in the Project Schedule scctian ok this .report to decide whether tU praceed with the improvements. -4- 45