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<br />Based upon the above distribution the total project cost will be funded as follows; <br />$13 7 ~518 from the City general fund; $108,104 from the storm water utility; and <br />$100,942 from assessments. The assessed portion of the project cost shall be assessed <br />among the benefited properties listed in Appendix C. Since the benefited properties vary <br />considerably in size~ the total assessable project cost shall be based upon street frontage. . <br />In the case of corner lots, street frontage shall be calculated as the larger of the two <br />frontages receiving improvement. The estimated assessment for each property is. <br />identitied ill Appendix C. <br /> <br />The project will have a final tabulation made on actual project costs consistent with the <br />methodology described in this report. A public hearing will be held identifying the actual <br />costs to be recovered by special assessment. Property owner would have the option of <br />paying the full cost of the assessment without interest at the conclusion of the project or <br />. could elect to have this assessment collected annually with their tax payment over a ten <br />year period. Property owners electing to have the project cost specially assessed shall <br />have their cost reported to Anoka County and collected over a period of up to ten years <br />with interest at a rate of two percent (2%) above the U,S. Treasury rate at the time of the <br />. special assessment hearing which is estimated to be 6.8%. <br /> <br />PROJECT SCHEDULE <br /> <br />This project is anticipated to proceed under the regulations of Chapter 4 of City Code and <br />State Statutes 429 which regulate special assessment public improvement projects. A <br />schedule for the progress of this project is anticipated as follows: <br /> <br />~. <br />November 10, 2009 Present feasibility study to City Council and order public hearing <br />December 2, 2009 Hold infonnationalmeeting to present feasibility study to property <br /> owners <br />December 8, 2009 Hold public hearing <br />January 12,2010 Authorize project by directing preparation of plans and <br /> specifications- (30 days following public hearing) <br />April13~ 2010 Receive plans and specifications and authorize bids <br />May 11,2010 Receive bids and award contract <br />June - July 2010 Construct project <br />September 28, 2010 Hold assessment hearing and levy assessments ~ <br />May 2011 First assessment payment due <br /> <br />mfl7l" <br /> <br />. Revised 11-09 <br /> <br />Page 5 <br />