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Financing: It is proposed that the area of benefit be defined as the existing platted properties along 149th Avenue, since this street will benefit by a reduction in traffic volume. This area is illustrated in the figure contained in Appendix C. Currently there are 19 properties adjacent to 149th Avenue which are platted for residential or residentia1/comm~rcial use. Four of those properties in the Pineview Estates 2nd Addition are presently vacant. It is proposed, however, that these vacant parcels also share in the assessment since they will benefit from having a lot which has a less heavily trafficked area than the present. For this feasibility study, it is proposed that the project costs be divided equally among the 19 benefited property owners, however, other cost-sharing schemes are certainly possible. For instance, it might be argued that the comer lots on Peridot Street and 149th Avenue receive a lesser benefit than the other lots because their frontages are on Peri dot Street, and that perhaps partial shares might be more appropriate. Below is a table showing the proposed assessments for the improvements associated with both Alternative A and Alternative B. Project Financing Project Cost Per Parcel Payment Annual Assessment Period Payment Alternative A $24,719 $1,301 5 years $281 Alternative B $ 3,975 $ 209 3 years $ 75 The projects will have a final tabulation made on actual project costs consistent with the methodology described in this report and based upon bid tabulations. A public hearing will be held identifying the actual costs to be recovered by special assessment. Each property may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment resolution. Special assessments reported to Anoka County shall be payable over a five-year period for Alternative A and a three-year period for Alternative B with interest at a rate of two percent (2%) above the U.S. Treasury rate at the time of the special assessment hearing. The values in the table above are estimated at 8% interest. Projected Project Schedule: In proceeding with the improvements for Alternative A, the following schedule could be anticipated: Receive feasibility study and set date for public hearing Hold public hearing Authorize projects and order plans and specifications Approve plans and specifications and set the bid dates May 12, 1998 June 9, 1998 August 11, 1998 September 8, 1998