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City Council Regular Meeting Minutes January 9, 2007 Page 7 1 Mr. I-Iubmer stated a mixture of the proposed funding options would be used and the $2,000,000 2 of the project is the typical reconstruction amount done on an annual base in St. Anthony. He 3 stated the additional $2,000,000 for sanitary sewer and lift station improvement of Foss Road 4 and 391° Avenue. Ile reported would be paid for by the developer fees charged as Silver Lake 5 Village development for additional sewer and water access charge fees, knowing would have to 6 do a trunk system upgrade to accommodate the development. He estimated about $1.2 million is 7 currently in the fund and more would be collect as new units come on line. Mr. Hubmer reported 8 some tax increment funds available to off set this from other projects. He stated the City is also 9 receiving unencumbered refunds for some of the sidewalk and street lighting funds expended 10 earlier. 11 12 Mayor Faust stated this is a normal year of road reconstruction and by rolling it all together and 13 making it one big project; the City saved $350,000 in addition to other synergistic amounts. Ile 14 stated this looks like a lot but it is not out of realm of what the City had been doing or planned to 15 do. 16 17 Motion By Cormcilmember horst, seconded by Councilmember Gray, to Approve Resolution 18 07-014 A Resolution Calling A Hearing On 2007 Street And Utility Improvements. 19 20 Motion carried unanimously. 21 22 B. Consider Resolution 07� Declare the costs to be assessed and ordering preparation of 23 proposed assessments. 24 25 Mr. IIubmer stated the bid received for the cost of the project is $3,484,000 and total cost 26 would be approximately $4,450,000. Ile indicated the City would pay is $3,920,000 and the 27 assessed portion is proposed at $530,000. He stated the City would be assessing this to property 28 owners over 15 years at an interest rate two points above the interest rate of the bonds borrowed 29 by the City for the project. Mr. Hubmer indicated a consulting engineer would be made 30 available to the City to assess each individual lot. Ile mentioned the assessments would be 31 published and provided to the residents and upon notification of the residents, the City Council 32 would consider the project. 33 34 City Manager Mornson asked Mr. Hubmer if the neighborhood meeting on January 31, 2007 35 would focus on only the street project. 36 37 Mr. Hubmer replied yes as there are no assessments for the Higherest and Highway 88 38 improvements or Chandler and Foss Roads. He stated assessments would be on 39°i Avenue and 39 the other portions where total street reconstruction occurs. 40 41 City Manager Mornson state this is the largest infrastructure project the City has done over one 42 year. I -le stated this project touches many residents and with the UI the project would touch all 43 residents and businesses this year. 44