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HEARING SPECIAL CITY COUNCIL MEETING~PUBLIC HEARING OCTOBER 5, 1982 PAGE 3 Fiscal Consultant Chenoweth also pointed out that the interest on the bonds, which helps determine the interest on the assessments, is considerably better than first projected. It is now estimated that the interest rate will be ten percent instead of a higher number. He stressed that the residents should carefully examine their assessment notices to see if they were charged correctly on their front footage and that they were being charged correctly and the same as anyone else in the same position. These residents should also be benefitting by the amount charged. Charles Peterman, 1407 W. Iowa, stated he had heard rumors and wanted clarification, would the assessment he received be the only assessment, to which the Mayor replied that it would be the only assessment for the project. Mr. Peterman then asked how much time would be allowed before interest would be charged and Mayor Warkentien stated that no interest would be charged for 30 days from the hearing date (October 5), if prepaid. Henrietta Thom, 1402 W. Idaho, stated she did not want to pay interest and asked if she should pay for the assessment this evening. She was advised by Engineer Lemberg that she had 30 days in which to pay the assessment. Bill Smith, 1358 Iowa West, asked what the annual tax levy would cost over a ten year period. Fiscal Consultant Chenoweth advised it was one-tenth of the principal plus interest on the unpaid balance. Figured on a 40 foot lot it would be ten times forty or X400 or X40 each year at ten percent on the declining balance. Mr. Sm_th asked about the footage for which he is being assessed and was advised by ~%ngineer Lemberg that he is being assessed for the front footage of his lot only not for the alley. Mr. Smith also wanted to know whose idea it was to do the project to which Mayor Warkentien replied that the Engineer, Clerk Administrator and Maintenance Department realized the streets were breaking up and it was determined that the only way to improve it in such a way as to prevent expensive maintenance in the future, was to rebuild the streets, Mayor Warkentien explained that even though many residents did not feel the project necessary, Council felt the reconstruction was needed and would prevent costly yearly repairs. Mr. Smith said he could afford the assessment but there are others who cannot and he disagreed with Councils action on the improvement as they did not listen to the dissatisfaction expressed by the residents. Bob Dobin, 1362 West Larpenteur, advised that he is turning in a claim to Falcon Heights because after a three weekvacation he came down the alley and his car fell into a 14-1~2"excavation which was not blockaded. Mayor Y~arkentien advised that his comment was out-of-order and this is an assessment hearing only and that if he wanted to be placed on a future Council agenda he should contact the Clerk Administrator. Engineer Lemberg commented that the claim will be paid by the contractor. ~. CHENOWETH CHARLES PETERMAN, 1407 W. IOWA HENRIETTA THOM, 1402 W. IDAHO BILL SMITH, 1358 W. IOWA BOB DOBIN, 1362 W. LARpENTEUR Constance Olson, 1386 West Larpenteur, stated that she had lived in the CONSTANCE Village for 28 years and has never seen a road torn up on the area. OLSON, 1386 The first time it is done there is an assessment and she wondered if W. LARPENTEU~ there was not a fund to cover the cost of the project. Mayor Warkentien advised that other roads have been improved - Garden, Arona, and Roselawn. She asked if the people in those areas were assessed.