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interestrate of 6.8 a/o, annual payments would range from $28S to $1$1 aver this ten year <br />period. <br />PROJECT SCHEDULE <br />This project is anticipated to proceed under the regulations of Chapter 4 of City Code anal <br />State Statutes 429 which regulate sp ecial assessment public improvement projects. A <br />schedule far the progress of this project is anticipated as follows; <br />• November 2S, 2008 Present feasibility study to City Council and Order <br /> public hearing <br />• January 13, 2009 Hold public hearing <br />• March 24, 2009 Authorize project by City Council (5Q'days after <br /> public hearing) <br />• May 26, 2009 Receive plans and specifications and authorize kiids <br />• June ?3,.'.009 Receive bids and award construction contract <br />• July ?009 Construct project <br />September 28, 2009 Hold assessment hearing and levy assessments <br />• May 2,010 First assessment pay~rnent due <br />SUMIV~ARY AND CONCLUSIONS <br />The proposed improvements are technically feasible and will benefit the area served, It is <br />recam~nended that the City take the steps discussed in the Project Schedule section of this <br />report to decide whether to proceed with the improvements. <br />..~..~...~.~..~,.,....~...,~....,.....-,_.~..._-,.,.~~,.~.,...~~_„u ~-age 5 .W,,.~...,.~_~,.~M~.,.,. ...,~.~.~ ,,.~„~.,~~,w..~.~...~„~. -115 - <br />