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City Council Regular Meeting Minutes February 13, 2001 ' Page 5 1 Morrison explained that, as to the awarding of the construction bid, it will be tabled for 30 days. 2 Morrison added that the street assessment bond sale will be deferred until March 13. 3 Todd Hubmer reviewed the street reconstruction, storm sewer, watermain, sanitary sewer, and 4 pond excavation and appurtenant work. Hubmer noted that the street reconstruction and 5 replacement of watermain and storm sewer lines will be done on Wilson Street from 29`h Avenue 6 to 30`h Avenue, West Armour Terrace from Roosevelt Street to Silver Lake Road, and 30`h 7 Avenue from Wilson Street to Silver Lake Road. 8 Hubmer reviewed project costs and proposed funding sources. Hubmer explained that the City 9 assesses 35% of the street construction and utility rehabilitation and the remaining 65% is 10 handled by the City. Hubmer noted that the total amount proposed to be assessed is $305,535.21. 1 I He pointed out that the Pond Construction is not assessed to the residents but is paid for by the 12 Minnesota DNR. Hubmer added that the total estimated cost of the project is $2,020,600. 13 Hubmer explained the amortization schedule for the pay-off of the assessment over a 15 year 14 period, if the interest rate of the bonds is at 6 `/2%. The payment can be made in cash in order to 15 avoid the interest with the payment being made by November 2001. •6 Mayor Cavanaugh invited any residents in the audience to speak to the Council. 17 Hubmer responded to questions from the audience including: interest rate which is established by 18 the rate the City gets on the bonds when they issue them for the project, estimated to be about 6 19 %%; the schedule of street reconstruction; cost comparison between the original street 20 reconstruction and the flooding-related street reconstruction of which the costs assessed are the 21 same; driveway replacement by residents which can be coordinated with the reconstruction and 22 paid for by the property owner; and payment schedule for the assessment. 23 Hubmer added that once the project is awarded and the bonds are sold, another neighborhood 24 meeting will be held at the end of April or beginning of May with the construction representative 25 where the schedule of the project and driveway replacement will be reviewed. 26 Cavanaugh added that this schedule was changed because of the Flood Mitigation Street work 27 and, once that is completed, the City will continue with the long term plan for street 28 reconstruction. 29 Morrison stated that in April a letter will be sent to property owners explaining the options for 30 payment and the interest rate based on the sale of the bonds. 0 Mayor Cavanaugh closed the public hearing at 8:00 p.m. 32 A. 2001 Street Improvement Project: