Agenda - Council - 02/22/2000 - Laserfiche WebLink

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i I I public hearing will be held which will identify the actual costs to be recovered by special assessment. Each property may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment of such property, with interest, except that no interest shall be charged if the entire assessment is paid within thirty (30) days from the adoption of the assessment resolution. Special assessments reported to Anoka County shall be payable over a ten-year period with interest at a rate of two percent above the U.S. Treasury Bill in effect September 1, 2000. For the purposes of this feasibility study, the interest rate is estimated to be 8%. The costs represented in this report are estimates. Table 2 presents a project financing summary as it would affect individual properties. Table 2 Summary of Project Financing Total Project Cost Total Number of Shares Assessed Share Assessment Average Annual Share Assessment * · Estimated at 8% for a ten-year period. 32,104 9 3,567 531 PROJECT PROCEDURE AND SCHEDULE This project will be undertaken and financed through the process that allows municipalities to special assess properties for public improvements. This process is governed by Minnesota State Statute 429. In addition, Ramsey City Charter provides that no project that is to be special assessed may be ordered until a period of 60 days has elapsed following the close of the public hearing. The City Charter also provides that if a majority of the benefited property owners, in this case six, petition against the project, the Council cannot order the project. If no such petition against the project is received, the City Council may at its discretion order the project, which could be anticipated to proceed on the schedule as outlined below: Hold public hearing ...................................................................... February 22, 2000 Initiate project by ordering plans and specifications ......................... April 25, 2000 Approve plans and specifications and set the bid date ......................... May 9, 2000 Receive' bids and award contracts ....................................................... June 13, 2000 Perform work ............................................................................................. July 2000 Set date for assessment public hearing (minimum 2-wk notice) .... August 22, 2000 Hold assessment hearing ........................................................... September 26, 2000 First payment due with real estate taxes ................................................... May 2001