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MINUTES <br /> CITY COUNCIL <br /> <br /> JANUARY 25, 2010 <br /> an expected life of 20 year or more, a mill and overlay should give the <br /> street another 15 years. The Engineer indicated that it is possible to do <br /> two mills and overlays on a street before it is at the point of needing <br /> asphalt removal. <br /> A property owner asked how long a seal coating lasts. The Engineer <br /> reported that once a street is reconstructed, it is sealcoated in about three <br /> years. After that, the sealcoating schedule moves out to once every 5 to 7 <br /> years. The property owner indicated that Schletty Drive was sealcoated <br /> about a year and a half ago. The Engineer agreed, but noted that the street <br /> is showing significant wear and is in a condition that warrants a mill and <br /> overlay. One property owner asked the locations where curb repairs <br /> would occur. The Engineer indicated that his inspector walked the street <br /> and identified those areas where curbing is cranked or depressed. The <br /> property owner asked if water was sitting on or behind the curb. The City <br /> Engineer indicated that there is water sitting behind areas of curbing. <br /> One property owner noted the estimated cost of the mill and overlay. She <br /> noted that property values are going down, yet her property taxes <br /> remained the same. This property owner stated that she was not keen on <br /> paying for the cost of the mill and overlay. <br /> At this point the City Engineer reported that estimated project costs are <br /> $33,000. He noted that the City received very competitive bids the last <br /> two years due to aggressive contractor competition. Bids this year are <br /> again expected to be very competitive. However, there has been an <br /> increase in oil prices. 1'he Engineer reviewed the City's Assessment <br /> Policy relative to street rehabilitation. The Policy calls for 50% of <br /> projects costs, excluding storm sewer repairs, to be assessed. Assessments <br /> are based on assessable front footage. <br /> The City Engineer then reviewed the proposed project schedule should the <br /> improvement move forward as well as related construction issues. The <br /> Engineer then reviewed the preliminary assessment roll with an estimated <br /> per front foot assessment of $19.48. He compared that with the $59.71 per <br /> front foot assessment for a total reconstruction. The Engineer noted that <br /> the Assessment Policy calls for the City to pay 50% of the cost of a mill <br /> and overlay and 50% to be assessed against benefitting property owners. <br /> The Engineer stated that it is hoped that favorable bids would be received <br /> and the cost to the property owners would go down. The Engineer then <br /> reviewed a sample amortization schedule based on the average estimated <br /> assessment for this improvement. <br /> One property owner asked about the interest rate. The City Engineer <br /> noted that the interest rate used was estimated high, and it is more likely <br /> that the interest rate will be 5% to 5 '/4%. The interest rate will be based <br /> 12 <br /> <br />