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<br /> <br /> <br />Discussion <br /> <br />Setting an Assessment Hearing Date – A March 28, 2005, 7:20 p.m. assessment <br />hearing date will provide ample time to prepare an assessment role, publish an <br />advertisement for the assessment hearing, and provide the required mailing to notify <br />property owners which might be affected, as per state statute. <br /> <br /> <br />Advertise for Bids – As per state statute, the City shall publish notification in the <br />newspaper at least once and shall mail notification to the owner of each parcel <br />described in the assessment role. The owners are defined as those shown to be such <br />on the records of the County Auditor. Such publication and mailing shall be sent no less <br />than two weeks prior to such a meeting of the City Council. Given this, Staff seeks <br />authorization to advertise for the assessment hearing. <br /> <br /> <br />Setting an Assessment Rate and Payment Period – The City must establish an <br />assessment rate and payment period for public improvement projects. Based on the <br />current bonding rate the City receives, it is recommended to establish an interest rate of <br />5.5 percent. In 2004, the City established a payment period of ten (10) years for public <br />improvement projects. Staff recommends retaining this payment period. <br /> <br /> <br />Ordering Preparation of Proposed Assessment <br />The City, with the assistance of the consulting engineer, is required to calculate the <br />proper amount to be specially assessed for such improvement against every <br />assessable lot, piece or parcel of land within the district affected, without regard to cash <br />valuation, as provided by law, and shall file a copy of such proposed assessment at City <br />Hall for public inspection. This action must be directed by the City Council. <br /> <br /> <br />Recommendation: <br />It is recommended the City Council approve a resolution setting an assessment hearing <br />date of March 28, 2005, authorizing the advertisement for the assessment hearing, <br />declaring cost to be assessed, and ordering the preparation of the proposed <br />assessment for the Hidden Hollow Street and Utility Installation Project and the Mounds <br />View Manufactured Home Community Second Access Project. <br /> <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Greg Lee, Director of Public Works <br />