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<br />. CITY OF ARDEN HILLS <br /> JULY 9, 1992 <br /> PAGE TWO <br /> Based on the City's Assessment Manual, the project will be funded by assessing 50% of the <br /> project cost, equal to $54,745,75, to the abutting property owners, while the remaining 50% will <br /> be funded by the City, <br /> An estimated assessment rate of $14 to $15 was presented at the public hearings held on June 8, <br /> 1992. Based on the bids received, however, a reduction of the estimated assessment rate to <br /> $10.73 per linear foot can be supported. This rate is based on 2600 linear feet of front footage on <br /> Round Lake Road West and 2500 linear feet of front footage on Dunlap Avenue for a total <br /> assessable footage of 5100 feet. <br /> Attached for your review and consideration are three resolutions pertaining to the August 10, 1992 <br /> assessment hearing. The first resolution accepts the bids. The second resolution establishes the <br /> commercial/industrial equivalent assessment rate for cold in-place recycling as $10.73 per front <br /> foot. The third resolution determines the costs to be assessed and orders preparation of an <br /> assessment roll. <br /> We will be in attendance at the July 13, 1992 City Council meeting to further discuss this matter, <br />. Sincerely, <br /> MAIER STEWART AND ASSOCIATES, INC. <br /> /f~ 41~frU- <br /> Mark J. Graham, P.E. <br /> MJG/ks <br /> enc. <br /> 034-0901.JUL <br />. <br />