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MINUTES <br />CITY COUNCIL <br />OCTOBER 17, 2012 <br />SPRUCE <br />STREET <br />County Road C to the cul -de -sac), by mill and overlay of bituminous <br />road surface as well as repair /replacement of damaged concrete curb and <br />gutter sections. <br />The City Engineer reviewed the project costs, noting the feasibility <br />estimate for the improvement was $79,000. The low bid came in at <br />$70,050.85 while actual construction costs were $58,849.87. The final <br />assessable costs of this project are $28,950.81, based on the City's policy <br />of assessing 50% of the cost of the street project. <br />The Engineer then reviewed assessment payment options noting that <br />property owners can pay their assessment in full or part to the City within <br />30 days of adoption of the assessment (through November 19, 2012) with <br />no interest. After that 30 -day period, the unpaid assessment balance will <br />be certified to Ramsey County and spread for collection with property <br />taxes for a 10 year period at 4.5% interest. The Engineer noted that once <br />an assessment balance is certified to the County, the property owner can <br />pay it in full during the 10 -year period. However, that payment should be <br />paid by November 15th of any given year in order to avoid the next year's <br />interest being added to the pay -off amount. The Engineer also pointed out <br />those property owners on a fixed income can utilize an assessment deferral <br />if they meet certain criteria. He noted, however, that interest continues to <br />accrue on deferred assessments. <br />The City Engineer reviewed the proposed Final Assessment Roll as well <br />as an assessment amortization schedule showing the payments and interest <br />should an assessment be certified to Ramsey County for collection with <br />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 <br />written objections to the assessment. <br />Upon motion by McGraw, seconded by Keis, the public hearing was <br />closed. <br />Mr. Keis introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2012 -10 -183 — ADOPTING THE ASSESSMENT <br />FOR IMPROVEMENT NO. 2011 -03, SPRUCE STREET (FROM <br />COUNTY ROAD C TO DEMONTAVENUE) BY MILL AND <br />OVERLAY 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 McGraw. <br />6 <br />