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shouldering as described above will be necessary at an estimated cost of $1.00 per centerline <br />foot. <br /> <br />FINANCING <br /> <br />In addition to construction cost, overhead charges of twenty-two percent (25%) will be applied to <br />cover the following services: <br /> <br />Engineering and Inspection <br />City Staft Administration <br />Bonding and Legal <br />Contingencies <br /> <br />10% <br /> 5% <br /> 2% <br /> 8% <br /> <br />It is .the City's policy to assess property owners fifty percent (50%) of the total proje,:t cost of the <br />improvements for projects associated witfi the annual street maintenance program. With the <br />exception of the commercial property associated with project 06-03, properties are assessed <br />equally regardless of front footages or property size since comer lots and cul-de-sac lots, which <br />are common within the City, would receive widely disparate assessments. Commercial properties <br />within project 05-03 have been ag~egated into similar size categories and have been assessed <br />proportional to the area of the benefited lot. Since projects are generally classified by <br />subdivisions which have similar characteristics and lot sizes, it is felt that there is a fair <br />apportiornnent of project costs when assessed equally within the individual subdivisions. <br />Table 5 contains the distribution of costs between the City and the benefited parties. A listing of <br />benefited properties is listed in the preliminary assessment role contained in Appendix B. The <br />costs contained within this report are estimated costs. The projects will have a final tabulation <br />made on actual project costs consistent with the methodology described in this report. A public <br />hearing will be held identifying the actual costs to be recovered by special assessment. Each <br />property may, at any time prior to certification of the assessment to the County Auditor, pay the <br />whole of the assessment on such property, with interest, except that no interest shall be charged <br />if the entire assessment is paid within 30 days from the adoption of the assessment resolution. <br />Special assessments reported to Anoka County shall be payable over a three-year period for <br />sealcoating projects, and over a ten-year period for bituminous overlaying projects, with interest <br />at a rate of two percent (2%) above the U.S. Treasury rate at the time of the special assessment <br />hearing. <br /> <br />PROJECTED PROJECT SCHEDULE <br /> <br />A schedule for the milestones associated with this project is presented in Table 6 <br /> <br />-164- -5- <br /> <br /> <br />