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STAFF ORIGINATOR: MEETING DATE: TOPIC: VOTE REQUIRED: INTRODUCTION CITY COUNCIL AGENDA ITEM 6D Michael Grochala, Community Development Director September 12, 2016 Consideration of Resolution No. 16-106, Calling Hearing of Proposed Assessment. Otter Lake Road Extension 3/5 Vote Staff is requesting City Council consideration to approve the costs proposed to be assessed for the Otter Lake Road Extension Project. BACKGROUND On August 22, 2016 the City Council approved Resolution No. 16-94 declaring the cost to be assessed and ordering the preparation of the assessment role for the Otter Lake Road Extension project. The total cost of the improvement is $714,561. The cost to be paid by the City is $185,468 and is funded as follows: $36,376 Trunk Area and Unit Fund $149,092 State Aid Street Fund The amount proposed to be assessed is $529,093. In January of 2013 the City entered into a Petition and Waiver Agreement with CM Properties, developer of the McDonalds, covering assessments to properties on the east side of the road. Staff has allocated the costs of the project to abutting benefitted properties and the assessment roll has been prepared. The next step in the process is to call for the hearing on the proposed assessment. The proposed hearing will be held at the October 10, 2016 City Council meeting. Notice of the meeting will be published in the City's official newspaper (Quad Press). Mailed notice will be provided to each parcel owner not less than two weeks prior to the hearing. The assessments are proposed to be payable over 10 years at an interest rate of 5 percent. The process will be as follows: 1. Council calls for Hearing on Proposed Assessment. (September 12, 2016) 2. Council holds Hearing on Proposed Assessments and Adopts Assessment Roll (October 10, 2016)