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MINUTES <br />CITY COUNCIL <br />OCTOBER 26, 2011 <br />5.25% interest. The Engineer noted that once an assessment balance is certified <br />to the County, the property owner can pay it in full during the 10 -year period. <br />However, that payment should be paid by November 15th of any given year in <br />order to avoid the next year's interest being added to the pay -off amount. The <br />Engineer also pointed out those property owners on a fixed income can utilize an <br />assessment deferral if they meet certain criteria. He noted, however, that interest <br />continues to accrue on deferred assessments. <br />The City Engineer reviewed the proposed Final Assessment Roll as well as an <br />assessment amortization schedule showing the payments and interest should an <br />assessment be certified to Ramsey County for collection with property taxes. <br />It was noted that there is no one present from the general public wishing to <br />comment on this matter. It was also noted that the City has received no written <br />objections to the assessment. <br />Upon motion by McGraw, seconded by Blesener, the public hearing was closed. <br />Mr. McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -10 -208 — ADOPTING THE ASSESSMENT FOR <br />IMPROVEMENT NO. 2011 -03, JESSICA COURT, BY MILL AND OVERLAY <br />OF BITUMINOUS ROAD SURFACE AS WELL AS <br />REPAIR/REPLACEMENT OF DAMAGED CONCRETE CURB AND <br />GUTTER AS PRESENTED BY THE CITY ENGINEER <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />IMP. NO. Mayor Blesener opened the Public Hearing to consider adoption of the assessment <br />2011 -04 for Improvement No. 2011 -04, Payne Avenue, by full depth mill and overlay of <br />PAYNE bituminous road surface as well as repair /replacement of damaged concrete curb <br />AVENUE and gutter sections. <br />The City Engineer reviewed the project costs, noting the feasibility estimate for <br />the improvement was $312,000. The low bid carne in at $255,474.08. Actual <br />construction costs were $266,718.54 due to increased watermain fitting repair <br />costs. These costs are not assessable and are paid from the City's Water & Sewer <br />Capital Fund. The final assessable costs of this project are $96,524.52, lower than <br />the initial estimate. <br />The Engineer then reviewed assessment payment options noting that property <br />owners can pay their assessment in full or part to the City within 30 days of <br />3 <br />