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interest rate of 6.8 %, annual payments would range from $285 to $181 over this ten year <br />period. <br />PROJECT SCHEDULE <br />This project is anticipated to proceed under the regulations of Chapter 4 of City Code and <br />State Statutes 429 which regulate special assessment public improvement projects. A <br />schedule for the progress of this project is anticipated as follows: <br />• November 25, 2008 Present feasibility study to City Council and Order <br />public hearing <br />• January 13, 2009 Hold public hearing <br />• March 24, 2009 Authorize project by City Council (60 days after <br />public hearing) <br />Receive plans and specifications and authorize bids <br />Receive bids and award construction contract <br />Construct project <br />Hold assessment hearing and levy assessments <br />First assessment payment due <br />• May 26, 2009 <br />• June 23, 2009 <br />• July 2009 <br />• September 28, 2009 <br />• May 2010 <br />SUMMARY AND CONCLUSIONS <br />The proposed improvements are technically feasible and will benefit the area served. It is <br />recommended that the City take the steps discussed in the Project Schedule section of this <br />report to decide whether to proceed with the improvements. <br />Page 5 <br />