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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />DATE: September 11, 1998 <br />RE: Assessment of 2905 Coedit Street for Water Main Improvement <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Mr. and Mrs. Sam Fasciana have requested to connect to the existing water main on <br />Condit Street. This water main was constructed in 1971 at a cost of $6.50 per front foot. <br />Given that the Fasciana property was never assessed for this improvement, I have <br />calculated an equivalent assessment using the CPI adjustments from 1971 through July of <br />1998. That calculation results in an assessment of 33,325.20. <br />Given that the Fasciana's have submitted a 100% petition for the improvement, 1. am <br />recommending that the petition be declared adequate, receipt of this report as the <br />feasibility report for the improvement, and adoption of the assessment as stated above. <br />The assessment would be spread over a ten year term at an interest rate of 6.5 %. <br />Page 98 <br />