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STAFF REPORT <br />DATE: October 1, 2024 <br /> FINAL ASSESSMENT HEARING <br /> <br />AGENDA ITEM: Adopt Final Assessment Roll for the 15th Street North Improvements <br /> <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Sarah Sonsalla, City Attorney <br /> Clarissa Hadler, Finance Director Marty Powers, Public Works Director <br /> Chad Isakson, Project Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: The City Council is respectfully requested to hold a Public Hearing for the <br />proposed assessments for the 15th Street North Improvements. Following the hearing, should the City <br />Council adopt the final assessment roll? <br /> <br />BACKGROUND: On September 3, 2024, the City Council approved a Resolution declaring the costs to <br />be assessed, ordering the preparation of the proposed assessment, and calling for the hearing on proposed <br />assessment for the 15th Street North Improvements. Mailed notice has been provided to each assessed <br />property and notice of the public hearing has been published in the local paper. <br /> <br />PROPOSAL DETAILS/ANALYSIS: Pursuant to Minnesota Statutes, Section 429, the Council must <br />declare the amount to be assessed against the benefitting properties and the Hearing on the proposed <br />Assessment for these Improvements must be held. Staff has enclosed a proposed Final Assessment Roll <br />which has been calculated in accordance with the approved Feasibility Report and the City’s Special <br />Assessment Policy. <br /> <br />A portion of the project is proposed to be assessed to the benefitting properties. The proposed street <br />assessment is $39,800 for the commercial property located at 8281 15th Street North (Pine Crest Storage <br />Inc.), and $8,200 for each of the 3 residential properties with direct access to the improved street. <br />Assessments for street improvements will be levied over a 15-year period and charged an interest rate of <br />5.5%. <br /> <br />FISCAL IMPACT: The total estimated project cost is $532,000. The improvements will be funded <br />through a combination of Municipal State Aid Funds, in the amount of $330,000; Special Assessments, in <br />the amount of $64,400, and General Tax levy funds in the amount of $137,600. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council approve a resolution adopting the <br />Final Assessment Roll for the 15th Street North Improvements. The recommended motion for this action is <br />as follows: <br /> <br />“Move to approve Resolution No. 2024-103, Adopting the Final Assessment Roll for the <br />15th Street North Improvements.” <br /> <br />ATTACHMENTS: <br /> <br />1. Resolution Adopting the Final Assessment Roll. <br />2. Notice of Hearing on Proposed Assessment. <br />3. Final Assessment Roll.