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2 <br /> <br /> <br />The remaining cost to be paid by the City is $149,092 and is funded from the municipal state aid <br />street fund. <br /> <br />The proposed assessments will be spread over 10 years with an interest rate of 5%. A property <br />owner may pay the entire assessment on the property with interest accrued to the date of payment <br />to the City. However, no interest will be charged if the entire assessment is paid within 30 days <br />of the adoption of the assessment. The assessment for Lot 1, Block 1, Main Street Shoppes has <br />been prepaid. <br /> <br />A public hearing is required by law prior to consideration to adopt the assessments. Property <br />owners have the opportunity to comment on the proposed assessment during the hearing. Notice <br />of the hearing was published in the Quad Press two weeks prior to the hearing. Mailed notice <br />was also provided to property owners in accordance with statutory provisions. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of Resolution No. 16-130 Adopting Assessments. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 16-130 <br />2. Proposed Assessment Roll <br />3. Project Layout <br />