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public hearing will be held which will identify the actual costs to be recovered by special <br />assessment, and the City Council will pass on such assessment by resolution. Each property <br />may, at any time prior to certification of the assessment to the County Auditor, pay the whole of <br />the assessment on such property, with interest, except that no interest shall be charged if the <br />entire assessment is paid within thirty (30) days from the adoption of the resolution. Special <br />assessments reported to Anoka County shall be payable over a ten year period with interest at a <br />rate of 2% above the Treasury Rate at the time of the special assessment hearing. This rate is <br />estimated to be 8°,/o. ~ The costs presented in this report are estimates. Table 2 presents a project <br />financing summary as it would affect individual properties. <br /> <br />TABLE 2 <br /> <br />PROJECT FINANCING SUMMARY <br /> <br />Total Project Cost <br />Total Units Assessed <br />Cost Per Unit <br />Annual Assessment <br /> <br />$37,440 <br /> 6 <br />$ 6,240 <br />$ 93O <br /> <br />P_roj ect Schedule <br /> <br />In proceeding with the improvements, the following schedule could be anticipated: <br /> <br />Receive feasibility study and set date for public hearing. <br />Hold public hearing. <br />Authorize project and order plans and specifications. <br />Approve plans and specifications and set the bid date. <br />Receive bids and award contracts. <br />Perform work. <br />Hold assessment hearing. <br />First payment due with tax statement. <br /> <br /> June 9, 1998 <br /> Iuly--M, 1998 <br />Se-.i:~al~'r~, 1998 <br />October 27, 1998 <br />November 24, 1998 <br />May 1999 <br /> August 1999 <br /> May 2000 <br /> <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />1 <br /> <br /> <br />