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financed through other sources. Thus, the assessed cost to these benefited property <br />owners shall be the same as those presented in this report. <br /> <br />The project will have a final tabulation made on actual project costs Consistent with the <br />methodplogy described in this report. Apublic hear/rig will be held identifying the actual <br />costs to be recovered by ~ecial assessment. Each property may, at any time pr/or to <br />certification of the assessment to the!County Auditor, pay Me whole of the assessment on <br />such property, with inter, t, except~that no interest shall, be charged-if the entire <br />assessment is paid within530 days from the adoption of the assessment resolution. <br />Special assessments reported to Anok:a County shall be payable over a ten year period <br />with interest at a rate of two' percent (2%) above the U.S. Treasury rate at the time of the <br />special assessment hearing. <br /> <br />PROJECT SCHEDULE <br /> <br />Tkis project is anticipated tO proceed under the regulations of Chapter 4 of City Code and <br />State Statutes 429 which regulate special aSsessment punic improvement projects. A <br />schedule for the progress of ti'tis project could follow as outlined below provided that the <br />issues surrounding the impact of sewer and water are resolved by the time the project is <br /> <br />ready to be ordered: <br /> · April 12, 2005 <br /> <br />· May 10,2005 <br />· July 12,2005 <br /> <br />· August 23, 2005 - <br />· September 27, 2005 <br />· October 2005 <br />· September 27, 2005 <br />· May 2006 <br /> <br />Present feasibility study to City Council and Order <br />public hearing <br />Hold public hearing <br />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 /> <br />l.n the event the sewer and water impacts have not been resolT,,ed, it may be necessary to <br />modify the schedule above such that construction is inflated in May of 2006 and the <br />assessment hearing is deferred until September of 2006. The 'first payment would be due <br />in May 2007. <br /> <br />SUMlVI. A_RY AND CONCLUSIONS <br /> <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 /> <br />--4-- <br /> <br /> <br />