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• AGENDA ITEM 6A (ii) <br />• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />ACTION REQUIRED: <br />BACKGROUND <br />Michael Grochala <br />September 12, 2011 <br />Consideration of Resolution No. 11 -93 <br />Declaring Cost to be Assessed - I35E /CSAH <br />14 Interchange <br />3/5 Vote <br />The City Council authorized preparation of a Feasibility Study for the I -35E /CSAH 14 <br />Interchange Improvements on April 27, 2009. The study was completed by SRF <br />Consulting Group, the City's consulting engineer, and presented to the City Council on <br />July 6, 2009. Following the required mailed and published notice the City Council held <br />a public hearing on July 27, 2009 in accordance with state law and charter <br />requirements. In September of 2009 the City Council ordered the improvement and <br />subsequently entered into a Joint Powers Agreement with Anoka County. <br />Approximately $5.5 million was proposed to be assessed to benefiting property owners. <br />The City's final share of costs based on construction, engineering, legal and financial <br />expenses is $4,307,861. The amount proposed to be assessed is $4,207,861 following <br />the reduction in local costs due to the contribution by the City of Hugo An assessment <br />role allocating the cost to beniffiting properties will be completed based on this amount. <br />The assessments are proposed to be payable over 15 years at an interest rate of 5 <br />percent. <br />The process will be as follows: <br />1. Council calls for Hearing on Proposed Assessment. (September 26, 2011) <br />2. Council holds Hearing on Proposed Assessments and Adopts Assessment Role <br />(October 24, 2011) <br />3. Assessments certified to Anoka County for taxes payable 2012. (November 30, <br />2012). <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 11 -93. <br />ATTACHMENTS <br />1. Resolution No. 11 -93 <br />P34 <br />