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<br />FINANCING <br /> <br />Dysprosium Street is apart of the City's municipal state aid system (MSA) and is eligible <br />for financing through MSA funds. The City's current street maintenance policies <br />supplement MSA funding through special assessments to the adjacent property owners. <br />The amount ofthe project to be assessed shall be the equivalent of 50% of the cost of a <br />bituminous overlay placed on a typical 32 foot wide residential street. This amount is <br />estimated to be $450 per each of the 49 properties receivingacces,~,onto Dysprosium <br />Street. Propeliies with frontage along Dysprosium Street but h~Y:trlg:1agcess toa side street <br />will not be assessed for this project as they are responsible (0. . ::"provements made to <br />their primary access street. A listing of the preliminary a~~,.":,'!:;role in contained in <br />Appendix B. This assessment would raise $22,050 to\y,af~ the co's~~!the project. The <br />remaining funds would be from the City MSA constJ;';t1@ti9n::;accounf5fti~:~:;;, <br /> <br />PROJECT SCHEDULE '&(~")::'c"> . <br /> <br />This project is anticipated to proceed under the regul~tt\?j,~of Chapter 4 of City Code and <br />State Statutes 429 which regulate spe.2~!l1 assessment pti~~9"improvement projects. A <br />schedule for the progress of this projeQ~j1'a:;;:lQticipated as :f6tlo*,s: . <br />'~2';:%~;~~;:j~;. '. ;';~~~;~~;}/ <br />. November 10, 2009 Pre~'~nt fe'.....:!li1:~.studyJ~rCity Council and Order <br />pub 1i'~~J1~~lhg':;;;;;;S;~j~t*~i:;~: <br />. Decem9l,fl;1:~:~i9Q9. Hold Ii(6rmationaJ~Open House <br />. Janu~~':12, 20YQ::~ Hold pUQlic hearing <br />. Maf'Cil~~i~?010 it Authoriz6!~roject by City Council (60 days after the <br />\;~l~;~:..;~:i;;~;:i~1:~{;~%nl!k!~~ .~.x51rrng) <br />.,;:.t~~~~}~~~H{;~.7, 201Q)~~;:;..""R~:eM~~;'plans and specifications and authorize bids <br />.,..{;.~~~.v '. '-'--':->;-;';~~~'1-4~~~~, '~:~~:':::;>~:- .. <br />,;:f;:". May'2;.;;ii;~QI0 '::~:#;;>, ReceIVe bIds <br />'~:";"~~"}><:::<;"""" . ':<:;:';:~~".... ,.<" . <br />..,l;;:1;;:t!!:~". May 25;'~,Q;~9':;):;t%~~$ward ConstructIOn Contract <br />";;i::i~:;;;,;" J\.ine 2009"~!~~}i;.)Y" Construct project <br />'\~~~~\~.\~. ~'::;-~~,-:~." <br />1i'~:t(sS.eptember 2:8:; 2010 Hold assessment hearing and levy assessments <br />· ';;~~~~., 20 11 .iW First assessment payment due. <br /> <br />'~~)#jf <br /> <br /> <br />.:? <br /> <br /> <br />SUMMARY AND CONCLUSIONS <br /> <br />The prqposed improvements are technically feasible and will benefit the area served. It is <br />recommended 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 /> <br />4 <br />