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If the project should proceed to the stage where the City Council authorizes plans to be prepared <br />and bids to be solicited as required by law, the City Council ma3' award the construction to the <br />lowest responsible bidder, providing that bid does not exceed 110% of the construction cost <br />estimates contained herein. After the project has been completed and final costs are known, the <br />public hearing will be held which will identify 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 thirty (30) days from the adoption of the <br />resolution. Special assessments reported to Anoka County shall be payable over a ten year period <br />with interest at a rate of 1.5% above prime rate at the time of the special assessment hearing. This <br />rate is estimated to be 8%. The costs presented in this report are estimates. Table 3 presents a <br />project financing summary as it would affect individual properties. <br /> <br />TABLE 3 <br /> <br />ESTIMATED PROJECT ~92-20 COST SUMMARY <br /> <br />Total Project Cost <br /> <br />$35,100 <br /> <br />Total Units Assessed <br /> <br />7 <br /> <br />Cost per Unit $5,014 <br /> to' <br />Cost per Parcel .4: and 5 1 $297 <br /> <br />Annual Assessment Parcels 1, 2, 3, 4 and 7 $747 <br /> <br />Annual Assessment Parcels,4' and $ $44 <br /> <br />159,434 was applied to the shares for parcels 4' and $ from the escrow contributed by Dellwood <br />Hills. <br /> <br />FINANCING PROJECT #92.23 <br /> <br />Exhibit B identifies six properties which will receive direct benefit from this project. All six of <br />these parcels are currently developed with single family dwellings having frontage and vehicular <br />access onto Bison Street N.W. It is proposed that all six of these parcels be assessed equally, <br />regardless of individual front footages or value of improvements on individual lots, as this has <br />been past City policy on previous paving projects. <br /> <br />If the project should proceed to the stage where the City Council authorizes plans to be prepared <br />and bids to be solicited as required by law, the City Council may award the construction to the <br />lowest responsible bidder, providing that bid does not exceed 110% of the construction cost <br />estimates contained herein. After the project has been completed and final costs are known, the <br />public hearing will be held which will identify 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 thirty (30) days from the adoption of the <br />resolution. Special assessments reported to Anoka County shall be payable over a ten year period <br />with interest at a rate of 1.5% above prime rate at the time of the special assessment hearing. This <br />rate is estimated to be 8%. The costs presented in this report are estimates. Table 4 presents a <br />project financing summary as it would affect individual properties. <br /> <br />4 <br /> <br /> <br />