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Page 2 of 2 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 2015-017 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 $657,823.19/2 $328,911.60 Add 37% Overhead $328,911.60 x 1.37 $450,608.88 Divide by Assessable Units $450,608.88/81 $ 5,563.07 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. As provided for in State Statute, no appeal may be taken as to the amount of any assessment adopted unless a written objection signed by the affected property owner is filed with the City at or prior to the assessment hearing. After the adoption of the assessment roll, property owners who have submitted an objection in writing have 30 days to serve notice of an appeal to the City, and within 10 days after serving notice to file with the District Court. Recommendation The Council should hold the Assessment Hearing first. After the Assessment Hearing is closed Council should consider adopting Resolution 2015-029 Adopting the Assessment Roll for the 2015 Pavement Management Program-Grant/Noble Neighborhood with an changes they deem appropriate. Following the assessment hearing for the Grant/Noble portion of the project, staff will be recommending award of the contract to Valley Paving as the lowest responsible bidder. Attachments Attachment A: Assessment Area Map Attachment B: Assessment Roll Attachment C: Resolution 2015-029 Adopting the Assessment Roll