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B. Resolution 2002-116 Reapportionment of Special Assessments: Eagle Point George Burkards, United Properties and the property owner of a lot split in Eagle Point 3`d Addition, requested the following: 1. The remaining special assessment balance be reapportioned to the newly created parcel in their ownership, 33-029-21-41-0048. 2. That the City spread the remaining principal payments evenly over the remaining years of assessment. The Finance Director noted that if the Council grants both requests, principal and interest payments will be due and payable according to the authorization schedule in Exhibit A. The Council approved the remaining unpaid special assessments from Parcel ID 33-029- 21-41-0047 in the amount of $77,860.68 shall be reapportioned to Parcel ID 33-029-21- 41-0048. M/S/P Armstrong/Dunn — to adopt Resolution 2002-116, Authorizing Reapportionment of Special Assessment for Eagle Point 3`d Addition. (Motion passed 5-0.) C. Special Assessments — Eagle Point Boulevard, Phase II The Finance Director explained the city has completed street improvements for Eagle Point Boulevard, Phase II. The original bid for the improvements was $169,320.25. The landowner requested three additional improvements be completed by the city concurrently with the street improvements, which include landscape edge, additional curb and additional storm sewer. The total assessment amount, including the additional items requested by the property owner is $180,641.50. The interest rate for each option is 8%. Since this project is financed with City funds, the cost of using internal funds is based on the current rate of return plus 2%. George Burkards, United Properties, said they will pay the total amount to pay the costs due this year and for the final lift of the street. Mr. Burkards stated that our interest rate is too high compared to the interest rates of today. Mayor Hunt left the meeting at 8:55 p.m. D. Update on Communications with residents. The Finance Director mailed all Hill Trail residents a letter describing the status of the City assessment policy for street improvements. The Finance Director noted that payments have been received on delinquent water utilities. E. Update on Special Assessment Policy The Finance Director has met with Scott Renne, Appraiser, who will prepare an estimate, look at a cul-de-sac issue and will provide an estimate for services at the November 6`h Council meeting. LAKE ELMO CITY COUNCIL MINUTES OCTOBER 15, 2002