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The Assessment Roll related to Resolution 2024-012 was then amended to remove the property at 1370 Colleen Avenue. City staff and Council received an objection of the proposed assessment amount from the property owner and Council gave direction to review the objection at a later meeting, which is the intention of this public hearing on May 13, 2024. The project is proposed to be assessed consistent with the City's Assessment Policy, which states that 50% of the costs for roadway improvements will be assessed in residential areas, with the remaining portion financed by City funds. The assessment rate shall be computed on a per -lot unit basis, with a lot being defined as a platted single-family residential lot or equivalent, which, according to the current Arden Hills Municipal Code cannot be further subdivided for R-1 and R-2 residential use. The 1370 Colleen Avenue property consists of 2 lots as platted (Briarknoll plat as Attachment A, Block 6 Lots 2 & 3), per the assessment policy, this property is proposed to receive 2 assessment units. Ultimately, the residential equivalent assessment rate shall be determined by the City Council. The 1370 Colleen Avenue property assessment relates to the Full -Depth Reclamation (FDR) rate. FDR consists of grinding the existing pavement, shaping the generated aggregate material to raise the center crown to improve pavement drainage and repaving the roadway with 4-inches of bituminous pavement. The as -bid total project costs are used to calculate the assessable cost which, as described in the City's Assessment Policy, is half of the street project cost for residential properties with the addition of overhead. The results of this analysis are as follows: Reclamation Areas: 50% Estimated Street Project Costs = $519,870 Residential Equivalent Units = 86 Assessment Rate per Unit = $6,045 Proposed assessment for 1370 Colleen Avenue = $6,045 x 2 REUs = $12,090 Discussion Council should discuss the assessment objection from the 1370 Colleen Avenue property owner and choose to approve the assessment amount as it is proposed, or the City Council may choose to approve a different assessment amount. Attachment C, Resolution 2024-02 declares the costs to be assessed and orders the Assessment Hearing which would be held on May 28, 2024 at the Regular City Council meeting. Following any Council revisions to the proposed assessment amount and formal approval of Resolution 2024-026, a notice will be sent to 1370 Colleen Avenue and published accordingly. Page 2 of 3