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Page 1 of 2 DATE: May 14, 2018 TO: Honorable Mayor and City Councilmembers David Perrault, City Administrator FROM: Sue Polka, Public Works Director/City Engineer SUBJECT: 2018 Street and Utility Improvement Project – Special Assessment Hearing Council Should Consider Hold the Special Assessment Hearing for the 2018 Street and Utility Improvement Project for public comment. Discussion On February 26, 2018, the City Council adopted Resolution 2018-018 Approving the Plans and Specifications and Ordering the Advertisement for Bids. Bids were solicited during March and opened on Thursday, March 29, 2018. A portion of the costs for the 2018 Street and Utility Improvement Project are proposed to be assessed against the benefitting properties according to the City’s Assessment Policy. In order to assess these costs, the City must follow the process outlined in State Statute 429. On April 9, 2018, after the bids were opened, the City Council adopted Resolution 2018-027 Declaring the Costs to be Assessed and set today as the date for the assessment hearing. A public hearing prior to adopting the assessments is a requirement of the State Statute 429. The proposed assessment area is shown on the attached Exhibit A. The project is proposed to be assessed consistent with the City’s Assessment Policy and past practices, which states that 50% of the costs for roadway improvements will be assessed in residential areas, with the remaining portion financed by City funds. Financing for the project is 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 2018-027 is shown below. Also, the Council established that the interest rate would be 5.30% and the term would be 10 years. PUBLIC HEARING – 9A MEMORANDUM