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Page 2 of 3 consistent with City policy and past practices and is summarized in the table below. The project costs include engineering and overhead costs as outlined in the Assessment Policy. The calculation of the amount to be assessed as approved by Council Resolution 2015-015 is shown below. Also, the Council established that the interest rate would be 4.30% and the term would be 10 years. Item Calculation Result Half of Construction Cost $1,622,248.79/2 $811,124.39 Add 37% Overhead $811,124.39 x 1.37 $1,111,240.41 Divide by Assessable Units $1,111,240.83/129 $ 8,614.27 The Assessment Policy states that the City Council shall retain the right to review each project on its own merit and deviate from any portion of the policy as it deems proper. As was discussed at the Public Hearing held on January 12, 2015 there are six properties currently in this proposed assessment that were previously assessed for street projects in 1995 and 1998. The 1995 project dealt with the reconstruction of County Road F (Lake Valentine Road) and it affected two properties. The following list provides the address and amount of the 1995 assessment: 1. 3988 Glenview Road $4,527.32 2. 1691 Crystal Avenue $5,158.30 The 1998 project reconstructed Fairview Avenue from Lake Valentine Road to Gramsie Road. It affected four properties in the current assessment project. The following list provides the property address and the amount of the 1998 assessment: 1. 1759 Crystal Avenue $3,598.20 2. 1758 Crystal Avenue $3,998.00 3. 1761 Gramsie Road $3,998.00 4. 1777 Gramsie Road $3,998.00 These six properties are in the current assessment roll. There was a number of comments about these lots at the Public Hearing. The minutes from the January 12, 201 5 Public Hearing are attached as is an exhibit showing these properties. The Council is being asked by staff to give direction on these six properties. The y could be left in the project at full assessment amounts, they could be removed from the project and not assessed or they could be left in the project but given some or full credit for the previous assessment paid. When the Council considers adoption of the Resolution adopting the assessment roll staff will need direction on how to deal with these six properties. If their assessment amount is changed by the Council they will be sent a letter documenting the change. The full detailed assessment roll as mailed to each of the property owners is attached. To date, no formal objections have been submitted in writing to City staff. Any written objection received prior to Monday evening will be provided to the City Council at the assessment hearing.