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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />! <br /> <br />PRiKiEIDI~ (1~ CITY (/lJN;Lb <br /> FJBLI C BEARING <br /> CIT/ (lv I~AMSL'Y <br /> <br /> City 0ouncil oondo¢ted ~ public hearing on ~es6~, am~ 29, <br />~ ~ici~l ~ntet, 15153 ~en ~1~. R.~.~ ~~ <br />r~arding $tr~t ~prov~nt P~oject t84-16 for ~ ~rrace. <br /> <br />Members Present: <br /> <br />~Tyor Gary ~eitman <br />0ounci~r Jean Schl~eter <br />~ouncilm~Tber Gary Reirrann <br />0ounci~r Arnie Cox <br />Ovuncilnraer~r Al $orteberg <br /> <br />Also Present: <br /> <br />City Building Official Clayton Berg <br />City Engineer Peter Raatikka <br /> <br />Mayor Beitman called the public hearing to order at 7:43 p.m. <br /> <br />_I:gl~.qEITIg_TION BY CITY ENGINF. RR <br /> <br />City Engineer made a slide presentation of the proposed street improvement <br />project to Ramsey Terrace. <br /> <br />Mr. Raatikka stated that in addition to grading, class 5 and blacktopping, the <br />project proposes to install t~o drainage culverts, cleaning ditches and <br />existing culverts. Mr. Raatikka stated that it will be the responsibility of <br />the homeowner to restore the boulevards and oonnect driveways to the roadway. <br />Mr. Raatikka stated that the only time the o~ntractor will be oonnecting the <br />driveway to the roadway is if the driveway oomes within one foot of the road <br />travel way. <br /> <br />Mr. Raatikka stated that the total estimated project o~st is $95,750.00 and <br />the unit cost will be $2,226.74, amortized over 10 years at 10% interest <br />giving an annual cost of $362.29. (Actual interest rate will be determined by <br />sale of bonds by the City.) Any homeowner can pay their assessment within 30 <br />days after the assessment hearing without incurrin9 any interest. <br /> <br />Mayor Beitman inquired ~s to how accurate the estimated 10% interest rate is. <br /> <br />Mr. Raatikka stated that considering the current bond market, 10% should be <br />close; the absolute maxim~ interest rate charged would be 13-1/2%. <br /> <br />CITIZEN INH3T <br /> <br />Scott Dickenson - 14160 Junkite - Are vacant lots receivirg an asses-~nent? <br /> January 29, 1985 <br /> <br />Page 1 of 5 <br /> <br /> <br />