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MINUTES <br />CITY COUNCIL <br />OCTOBER 15, 2003 <br />RECOMMENDED BY CITY STAFF, WITH REPAYMENT TERMAT <br />TEN YEARS AND INTEREST RATE AT 5.5% <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (3) Fahey, Montour, Blesener. <br />Nays (0). Resolution declared adopted. <br />IMP. NO. Mayor Fahey opened the public hearing to consider the assessment <br />2000-17 for the improvement of Sextant Avenue by watermain installation as <br />SEXTANT well as road reconstruction, concrete curb and gutter, and drainage <br />AVENUE enhancements. <br />The Engineer reviewed project costs. Actual estimated costs for the street <br />improvement are $293,000 with the initial estimate at $287.500. Actual <br />estimated costs for the watermain improvement are $45,000 with the <br />initial estimate at $47,000. <br />The Engineer reviewed the City's residential assessment policy which <br />provides for the assessment of 85% of street reconstruction costs for the <br />typical residential street. That assessment is based on a front footage <br />assessment with the maximum rate capped at $50.00 per front foot. The <br />maximum rate is proposed for the Sextant Avenue assessments with the <br />inclusion of a $1.50 deduct given the hydro seeding of the area rather than <br />sod. With regard to the watermain assessment, the City's policy is to <br />assess 100% of the cost of a 6-inch watermain with a maximum <br />assessment of $5,443 per lot. <br />The Engineer then reviewed assessment payment methods. Property <br />owners can pay their assessment at the City Center within the next 30 days <br />with no interest accruing on the assessment balance. Partial payments are <br />also accepted with the City then certifying the unpaid assessment balance <br />to Ramsey County for collection with property taxes. After expiration of <br />the 30-day period, any unpaid assessments are certified to Ramsey County <br />for collection with property taxes. The assessment balance is spread over <br />a period of 10 years with interest accruing at the rate of 5.5%. The <br />Engineer indicated that once assessments are certified to the County, the <br />property owner always has the option of paying off the assessment earlier <br />than the 10-year period. Early payoffs are made to Ramsey County and <br />are subject to statutory requirements. <br />The City Engineer reported that the project is essentially complete with <br />the final lift of blacktop to be installed in early summer. <br />4 <br />