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<br />FINANCING <br /> <br />The City's Municipal State Aid fund shall finance $568,304, or 84% of this total amount <br />which includes; new curb and gutter, sidewalk, storm sewer, 50% of the new pavement, <br />and miscellaneous improvements including street lights and boulevard trees. The <br />remaining $104,606 shall be funded through special assessments which are intended <br />to cover 50% of the cost of the new pavement up to a width of 32 feet which is the <br />maximum width of a typical residential street. This assessment criterion is intended to <br />be consistent with that applied to other residential street projects elsewhere in the City. In <br />cases where a property fronts on two city streets (ie. corner and double frontage lots) <br />that lot will be assessed for half of the frontage on each street at the time it receives an <br />improvement. There are a number of lots which have access to Dysprosium Street via <br />common drive through a lot fronting on the street (quad lots). In such cases it is <br />proposed that the frontage along Dysprosium be divided equally between the fronting <br />and rear lot. <br /> <br />The assessed portion of the project cost is distributed among the properties listed in the <br />preliminary assessment role contained in Appendix B. The project will have a final <br />tabulation made on actual project costs consistent with the methodology described in this <br />report. Subsequent to the improvements being installed a public hearing will be held <br />identifying the actual costs to be recovered by special assessment. Property owners will <br />have the option of paying the full cost of the assessment without interest at the conclusion <br />of the project or could elect to have this assessment collected annually with their tax <br />payment over a ten year period. Property owners electing to have the project cost <br />specially assessed shall have their cost reported to Anoka County and collected over a <br />period of up to ten years with interest at a rate of two percent (2%) above the U.S. <br />Treasury rate at the time of the 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 />2010 <br />2010 <br />2010 <br />2010 <br />2010 <br />2010 <br />2010 <br />2010 <br />2011 <br /> <br /> <br />assessments <br /> <br />Draft 1-12-10 <br /> <br />Page 4 <br />