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MINUTES <br />CITY COUNCIL <br />OCTOBER 13, 1992 <br />The City Engineer pointed out that it is necessary to <br />match existing boulevards and to provide adequate room <br />for the existing sanitary sewer line. However, the <br />street is flat, and will be reconstructed with some <br />grade on it so that it will drain properly. The <br />Engineer estimated that Vanderbie would be lowered from <br />6 inches to 1 foot. The Enqineer noted that the street <br />would be blended into existing driveways as part of the <br />project. <br />The City Administrator reported that the City would <br />replace driveway aprons that were disturbed as part of <br />the project. <br />Peyer asked about damage to trees that are located <br />close to the property line. <br />The City Engineer did not feel there were many trees <br />that would be disturbed as part of street <br />reconstruction. In placing water services, the City <br />would be asking property owners to indicate where they <br />would like their services placed. Letters would be <br />sent to property owners on this subject, and those <br />letters will suggest that the property owners work with <br />a plumber to determine the best location for that <br />service. <br />Peyer asked how assessments are typically paid. <br />The City Administrator reported that the property owner <br />would have the option of paying the improvement cost in <br />full within 30 days after adoption of the assessment <br />roll. Otherwise, the City would assess the cost of the <br />project. If the improvement is ordered, it is <br />anticipated that the assessment hearing would be held <br />in late summer or early fall. After the assessment is <br />adopted, it would show up on 1994 property tax <br />statements. <br />The City Administrator explained that typically <br />assessments of this size are assessed over a 10-year <br />period. Estimating 10 years at a 7 1/2% interest rate, <br />and using the figures estimated by the Engineer, <br />principal would be $9,879.27, interest would amount to <br />$4,075.20. The average annual payment would be <br />$1,395.47. The Administrator reported that he <br />discussed spreading the assessment out over a longer <br />period of time with the City's fiscal agent. The <br />fiscal agent indicated if terms exceed 8 to 12 years, <br />usually the interest costs increase so much that that <br />it doesn't make sense. The Administrator reported that <br />assessing the improvement over a 15 year period at 8 <br />1/4% interest results in interest totalinq $6,520.32 <br />with a average annual payment of $1,093.31. The <br />Page 4 <br />