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Office of: <br />JOEL R. HANSON, Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />612- 484 -2177 <br />FAX: 612-484-4538 <br />CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />MAYOR <br />Michael Fehey <br />COUNCIL <br />Beverly Scalze <br />Bill Biesener <br />Rick Co!lova <br />Jim LaValle <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DAVE: September 21, 1990 <br />RE: Public Hearing for Assessments <br />Even though final costs regarding the Centre Place project, Payne <br />Avenue, County Road D, and Country Drive have not been obtained as of <br />this date, the City still needs to call for the assessment hearings <br />in order to ensure assessments are levied in time for collection in <br />1991. (The Country Drive project will be subject to the decision on <br />the award of the contract made earlier at this meeting.) <br />You will note there are two resolutions accompanying this memo. The <br />first resolution sets out the amount of the project cost and the <br />amount to be assessed. You will notice that those items are left <br />blank at this time. Final numbers will be available for Wednesday's <br />meeting. In the case of the Centre Place project, Payne Avenue <br />project, and Country Drive project, the pre - payment term has been set <br />at ten years and the interest rate is recommended at 8.25 %. The term <br />was established using the bond proceeds covering the Centre Place and <br />Country Drive projects. The interest rate was also determined based <br />on our net effective interest costs pursuant to our bond issue <br />associated with those two projects with an increase in 1.50% to <br />ensure proper cash flow. (This is a standard practice among cities. <br />Up to a two percent increase could be justified.) The County Road D <br />project has been set consistent with the manner which similar <br />projects were handled in the past. <br />It is my recommendation that we hold the assessment hearing on <br />October 16, 1990 with the Centre Place project being first at <br />7:30 p.m., the County Road D project being scheduled at 8:00 p.m., <br />the Payne-Avenue project being scheduled at 8:15 p.m., and the <br />Country Drive project (if necessary) being scheduled at 8:45 p.m. By <br />scheduling the hearing times accordingly, hopefully we can make <br />enough room available at City Hall for these hearings. <br />Should you have any comments or questions regarding my <br />recommendation, please contact me prior to Wednesday's meeting. <br />JRH:kpv <br />PAGE 65 <br />