Agenda - Council - 03/10/2009 - Laserfiche WebLink

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have their cost reported to Anoka County and collected over a period of up to ten years with interest at a rate oftwo (2 %) above the U.S. Treasury rate at the time of the special assessment hearing. At an estimated interest rate of 6.8 %, annual payments would range rrorn $879 to $557 over this tern year period. PROJECT SCHEDULE This project is anticipated to proceed under the regulations of Chaptcr 4 of City Code and State Statutes 429 which regulate special assessment public improvement projects. A schedule :for the progress of this project is anticipated as follows; • ,October 2008 Present feasibility study to City Council and Order public hearing • November, 2008 Hold public hearing • January, 2009 Authorize project by City Couricil: (60 days after the public hearing) • April, 2009 Receive' plans and specifications and authorize bids • May, 2009 Receive bids and award'''crir stxuction contract June 2009 Construct project • - September 28, 2009 Hold assmmoht hearing; and levy assessments May 2010 First assessmen. pg ent.due -% The above schedule is dependant upon.the- reglttred:City funds being available for is project within the 2009 calendar year., Annually the }ty has budgeted $ petitioned street paving projects s as this one, it hauld be noted that petitions far multiple projects have been rece vealf ox construction is 2009, Authorization of another of these projects would:regjird this project:tt -be delayed until adequate funding becomes available. SUMMARY AND CONCLUSIOS The proposed improvements are technically feasible and will benefit the area served. It is recommended that the City take the steps discussed in the Project Schedule section of this report to'decide whether to proceed with the improvements,