10-19-10 Council Special Minutes

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MINUTES CITY COUNCIL OCTOBER 19, 2010 developed. However, deferred assessments do accrue interest. The City Administrator pointed out that the first years interest on au assessment will include interest for the balance of 2010 as well as the full year for 2011 (essentially an extra 73 days). There was no one present wishing to comment on this assessment. It was also noted that the City has received no formal written objections to the assessment. Upon motion by Keis, seconded by Boss, the public hearing was closed. Mr. Keis iirtroduced the following resolution and moved its adoption: RESOLUTION NO. 2010-10-255 -ADOPTING THE ASSESSMENT FOR IMPROVEMENT NO. 2010-I9, FIRST BANK DRIVE, AS PRESENTED BY THE CITY ENGINEER The foregoing resolution was duly seconded by Boss. Ayes (3). Nays (0). Resolution declared adopted. IMP. NO. Blesener opened the public hearing to consider adoption of the assessment roll 2010-12 for the improvement of Rice Street (from County Road B to County Koad B-2) RICE STREET by reconstruction as afour-lane roadway with divided median and sidewalks on both sides of the street as well as signal replacement. The project also includes turn lanes at major intersections, a second left turn lane on County Road B-2 and the burying of power lines. The City Engineer reviewed project costs which are substantially below estimate due to the County obtaining additional funding. Those costs are $301,942.55, of which $198,373 is proposed to be assessed. The assessments are approximately $60,000 lower than the initial estimate due to the modification of the Assessment Policy for commercial properties with multiple frontages and no access to the improved street. The Engineer then reviewed assessment payment options noting that property owners can pay their assessment in full or part to the City within 30 days of adoption of the assessment (through November 18, 2010) with no interest. After that 30-day period, the unpaid assessment balance will be certified to Ramsey County and spread for collection with property faxes fora 10 year period at 5% interest. The Engineer noted that once an assessment balance is certified to the County, the property owner can pay it in full during the 10-year period. However, that payment should be paid by November 15°i of any given year in order to avoid the next year's interest being added to the pay-off amount. Property owners on a fixed income can request an assessment deferral provided that income guidelines 11