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Item No : 7. E <br /> M �itv OUNDS VIM Meeting Date: October 26, 2009 <br /> "- Type of Business : Council Business <br /> Administrator Review: <br /> City of Mounds View Staff Report <br /> To : Honorable Mayor and City Council <br /> From : Mark Beer, Finance Director <br /> Item Title/Subject: Resolution 7505 Adopting a Special Assessment Levy for Street <br /> Reconstruction Costs Related to the Transfer of Private Streets of <br /> the Silver Lake Woods Development <br /> The City entered into a street transfer agreement with the Silver Lake Woods Condo Association to <br /> accept the turn-back of private streets within the Silver Lake Woods development. The City requires <br /> that before any streets can be turned-back they must be brought up to City standards. The City <br /> coordinated the reconstruction of the private streets as part of the street reconstruction of area A. <br /> The Association agreed to waive the public hearing and agreed to assessment of the cost of bringing <br /> the streets up to City standards . The cost of construction , engineering , legal , miscellaneous costs <br /> along with City staff costs is $240 ,421 . 39 . The assessment will be repaid over 10 years with an <br /> interest rate of 5 . 5% . <br /> 1 have attached a letter from our consulting engineer outlining the project and the costs to be <br /> assessed . <br /> Respectfully submitted , <br /> y <br /> Mark Beer <br />