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I I. I I I I I I I I. I I I . . . . .- . ,ARDEN IDLLS CITY COUNCIL - JUNE 12. 1995 3 Mr. Tavernier requested to return to this transparency during public comments. Mr. Mauer indicated the Assessment Schedule, identifies any assessment under $3,500 having a schedule of five years and any assessment over $3,500 having a schedule of eight years. He indicated the interest start date will be July 12, 1995 or a 30 day period from the date the assessment roll is established. Mr. Mauer reviewed the amortization schedule and indicated it was similar to any installment loan. City Engineer Stonehouse reviewed the specific issues regarding the reconstruction of County Road F. Mr. Stonehouse indicated the feasibility estimate was $1.2 million and the construction bid was $1,150,000. Mr. Stonehouse indicated the project would be funded from multiple sources: MSA (12%), County Road Tumback funds (35%), City (29%) and Property Assessments (26%). Mr. Stonehouse identified some specific properties in regards to assessment formulas, due to odd shapes: a) Tavernier properly, 247 feet, the assessment of $8,030 will remain due to the potential for a lot split b) Woo property, shallow lot method, 158 feet will be assessed footage. c) Jones property, recommended 180.46 feet assessed. d) Pham property, recommended 130 feet assessed. e) Wallace property, recommended 94.5 feet assessed. City Administrator Fritsinger asked for clarification of the front footage cost Mr. Stonehouse recommended $32.50 per front foot for residential, $44.00 per front foot for commercial property and $66.75 for tax exempt property. Mayor Probst inquired as to bids received for Stowe Avenue. Mr. Stonehouse indicated the bids came in at $31.92 per front foot. Mayor Probst invited the audience to ask questions or comment at this time.