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The standard payment period is 5 years for a mill and overlay, and 10 years for a <br />reconstruc�ian project. �z� 2007, when the project included street reclamation, the City <br />Council set a payment period of l years. Following past practice, staff recommends <br />setting tl�e payment period for ihe 2011 PMP to 7 years. The follovving table shaws the <br />annual assessment amour�t for a payment period 7 years with 4.4% and 5.25% interest <br />rates. <br />Assessment Length of <br />amount payment Interes� Annual TotalInterest <br /># REU (per u.nit} ears) Rate a ment Paid <br />Sin le famil : <br />138 $ 2,732.30 7 4.40% $ 461.98 $ 58�.23 <br />7 5.25% $ 47b.48 $ 701.72 <br />134 $ 2,813.86 7 4.40% $ 475.77 $ 601.67 <br />7 5.25% $ 4�90.71 $ 722.67 <br />Multi-famil : <br />306 $ 592.21 7 4.40°/fl $ 1 Q0.13 $ 126.63 <br />7 5.25% $ 103.27 $ 152.09 <br />Scl�edule <br />Below is ihe proposed schedule for the 20ll �MA assessment process: <br />March 14 <br />April b <br />Week of April 4 <br />Apri125 <br />Apri125 (May 9) <br />April 26 to May 25 <br />(May 10 to June 8) <br />Resolution declaring costs to be assessed, ordering preparation of <br />assessment xalls, setting date of assessment hearing <br />Notice af hearing published in the Shoreview-Arden Hills Bulletin <br />Mail notices to affected property owners <br />Assessrr�ent hearing <br />Adoption o� assessment roll <br />Prepayment of assessments {30 days) <br />Council Action Reauested <br />• Approval of Resolution 2411-0012: Declaring cost to be assessed and ordering <br />preparation o� pxoposed assessment far the 2011 Pavement Managemen� Program. <br />City Council Meeting <br />I1Metro-inetlardenhi11s1AdminlCouncillAgendas & Packet Information1201113-14-11 RegularlPacket Informationl3-14- <br />11Memo_2D11PMP DeclareCosts.doc <br />Page 5 of 6 <br />