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<br />apparent inequality, it is proposed to have the City finance the standard fifty percent (50%) share of <br />the project, and then divide the remaining fifty percent (50%) equally between the north and south <br />property owners. The northern properties would be assessed based upon front footage, while the <br />southern property owners would be assessed equally for the remaining twenty five percent (25%) <br />of the project cost. In addition, because the two property owners on the corner of 161 st and <br />Xenolith will also be responsible for future street maintenance on Xenolith, it is proposed that <br />these two corner lots be assessed one-half a share. A summary of the proposed assessment for <br />this project would be as follows: <br /> <br />Central Park <br />Federal Cartridge <br />7 Residential Properties <br />2 Corner Lot Residential Properties <br /> <br />$3796 <br />3123 <br />865 <br />433 <br /> <br />The costs contained within this report are estimated costs. If the projects proceed to construction a <br />final tabulation will be made on actual project costs consistent with the methodology described in <br />this report. A public hearing will be held identifying the actual costs to be recovered by special <br />assessment. Each property may, at any time prior to certification of the assessment to the County <br />Auditor, pay the whole of the assessment on such property, with interest, except that no interest <br />shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment <br />resolution. Special assessments reported to Anoka County shall be payable over a three year <br />period with interest at a rate of 2% above the prime rate at the time of the special assessment <br />hearing. <br /> <br />PROJECTED PROJECT 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 /> <br />January 26, 1993 <br />February 22, 1993 <br />April 27, 1993 <br />May 11, 1993 <br />June 8, 1993 <br />June 1993 <br />June 1993 <br /> <br />Hold public hearing <br /> <br />Authorize projects and order plans and specifications <br /> <br />Approve plans and specifications and set the bid dates <br /> <br />Receive bids and award contracts <br /> <br />Perform cracksealing <br />Perform overlays <br /> <br />Perform sealcoating <br />Hold assessment hearing <br /> <br />July 1993 <br />August 1993 <br /> <br />- 7 - <br />