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developer escrow with the remaining funding divided equally between assessments and the <br />City general fund budget. Sealcoat project assessments range from $111 to $272. The two <br />overlay projects anticipated assessments of $473 and $934. It should also be noted that a <br />drainage project will be constructed at the eastern end of project 04-14 involving the <br />eastermnost 250 feet of Iodine Street. This project will be funded tlm'ough the stormwater <br />utility, however, the final 1 ½ inch lift of restored roadway will be charged to I.P. 04-14. <br /> <br />Notice has been sent to all benefited property owners as required by City Code and <br />Minnesota Statues Chapter 429. Copies of written comments received to date have been <br />attached to this case. <br /> <br />Following the public hearing, the Council should direct any revisions to the feasibility <br />study it deems necessary as a result of the comments made at the public hearing, as the <br />feasibility study will serve as the basis for determining the work to be performed and the <br />method in which costs will be financed. Assuming no petitions are received from a <br />majority of the benefited properties opposing the improvement, the Council will be asked <br />to order the projects at the May 11, 2004 meeting. It is anticipated that contracts will be <br />awarded at the June 08, 2004 Council meeting and work will be performed during June <br />ttn'ough August. Final costs will be presented at the assessment hearing on September 28, <br />2004. <br /> <br />Council Action: <br /> <br />None required, unless modifications to the feasibility study are desired. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Assistant Public Works Director <br />Finance Officer <br /> <br />CC: 03/09/04 <br /> <br /> <br />