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Exhibit A identifies nine properties which were determined to receive direct benefit from this <br />project. All properties currently have existing residences. It is proposed that all directly benefitted <br />lots be equally assessed regardless of individual front footages or value of improvements or <br />individual lots, as this has 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 costs <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 of 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 <br />resolution. Special assessments reported to Anoka County shall be payable over a ten (10) year <br />period with interest at a rate of 2% above prime rate at the time of the special assessment hearing. <br />This rate is estimated to be 8%. The costs presented in this report are estimates. Table 2 presents a <br />project financing summary as it would affect individual properties. <br /> <br />TABLE 2 <br /> <br />ESTIMATED PROJECT COST SUMMARY <br /> <br />Total Project Cost <br />Total Units Assessed <br />Assessment Per Unit <br />Annual Unit Assessment <br />Annual Interest Rate <br />Length of Assessment <br /> <br />$33,434 <br />9 <br />$3,715 <br />$553.64 <br />8% <br />10 Years <br /> <br />PROJECT SCHEDULE <br /> <br />For this project to proceed, the fonowing schedule could be anticipated: <br /> Accept feasibility study and set public hearing <br /> Hold public hearing <br /> <br /> Order project, authorize plans and specifications and request bids <br /> Open bids <br /> <br /> Receive bids and award <br /> Begin construction <br /> Complete construction <br /> Hold assessment hearing <br /> First payments due <br /> <br />June 22, 1993 <br /> <br />July 13, 1993 <br />September I4, 1993 <br />September 28, 1993 <br />September 28, 1993 <br />Late September 1993 <br />Early October 1993 <br />Fall 1993 <br /> <br />Spring 1994 <br /> <br />2 <br /> <br /> <br />