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,I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br />I, <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />! <br />I <br /> <br />assessment resolution. Special assessments reported to Anoka County shall be payable over a <br />ten-year period with interest at a rate of two percent above the U.S. Treasury Bill in effect <br />September 1, 2000. For the purposes of this feasibility study, the interest rate is estimated to be <br />8%. The costs represented in this report are estimates. Table 2 presents a project financing <br />summary as it would affect individual properties. <br /> <br /> Table 2 <br />Summary of Project Financing <br /> <br />Total Project Cost <br />Total Number of Shares Assessed <br />Share Assessment <br />Average Annual Share Assessment* <br /> <br />32,104 <br />9.5 <br />3379 <br />503 <br /> <br />*Estimated at 8% for a ten-year period. <br /> <br />PROJECT PROCEDURE AND SCHEDULE <br /> <br />This project will be undertaken and financed through the process that allows municipalities to <br />special assess properties for public improvements. This process is governed by Minnesota State <br />Statute 429. In addition, Ramsey City Charter provides that no project that is to be special <br />assessed may be ordered until a period of 60 days has elapsed following the close of the public <br />hearing. The City Charter also provides that if a majority of the benefited property owners, in <br />this case six, petition against the project, the Council carmot order the project.- If no such petition <br />against the project is received, the City Council may at its discretion order the project, which <br />could be anticipated to proceed on the schedule as outlined below: <br /> <br />Hold public hearing ...................................................................... February 22, 2000 <br />Initiate project by ordering plans and specifications ......................... April 25, 2000 <br />Approve plans and specifications and set the bid date ......................... May 9, 2000 <br />Receive bids and award contracts ....................................................... June 13, 2000 <br />Perform work ........................................................................ 2 ................... July 2000 <br />Set date for assessment public hearing (minimum 2-wk notice) .... August 22, 2000 <br />Hold assessment hearing ........................................................... September 26, 2000 <br />First payment due with real estate taxes ................................................... May 2001 <br /> <br /> <br />