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TABLE 2 <br /> <br />SUMMARY OF PROJECT FINANCING <br /> <br /> Total Project Cost <br /> -- City Participation <br /> Dellwood Escrow (Parcels 2 and 3) <br /> Total Assessment <br /> Unit Assessment'(Parcels 1, 4, 5 and 6) <br /> Annual Unit Assessment (Beginning May 1997) <br /> <br />I?RO.IECT PRQCEDURE AND SCHEDULE <br /> <br />$35,620 <br />$ 6,444 <br />$ 9,430 <br />$19,746 <br />$ 4,937 <br />$ 93O <br /> <br />This project will be undertaken and financed through the process which 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 which 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 benefitted property owners, in this <br />case four properties, petition against the project, the Council cannot order the project. If no such <br />petition against the project is received, the City Council may at its discretion order the project, <br />which could be anticipated to proceed on the schedule as oudined below: <br /> <br />Hold public hearing <br />Initiate Project by ordering plans and specifications <br />Approve plans and specifications and set bid date <br />Receiv6 bids and award project <br />Begin construction <br />Complete construction <br />Hold assessment hearings <br />First payment due with real estate taxes <br /> <br />June 14, 1995 <br />August 23, 1995 <br />September 13, 1995 <br />October 11, 1995 <br />Mid October <br />November i, 1995 <br />December 1995 <br />May 1997 <br /> <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> ! <br /> I <br /> <br /> i <br /> I <br />!' <br />I <br />I <br />! <br />I <br /> <br /> <br />