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ARDEN HILLS CITY COUNCIL—MAY 28, 2024 7 assessment policy and setting the assessment rate at 4.75%, which is also the rate that was set at the April 8, 2024 assessment hearing for the 2024 PMP. The total project costs were analyzed for the assessable cost. The assessments related to the project are calculated in accordance with the City's Assessment policy, half of the street project cost for residential properties and dependent on the type of pavement rehabilitation. 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 • 1 REU charged at adoption of the proposed assessment roll • 1 REU deferred for 20 years or until the property is sold or subdivided Public Works Director/City Engineer Swearingen reported 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. Mayor Grant opened the public hearing at 7:48 p.m. With no one coming forward to speak, Mayor Grant closed the public hearing at 7:49 p.m. 11. NEW BUSINESS A. Resolution 2024-028 Adopting Special Assessment Roll For The 2024 PMP Street And Utility Improvements Project— 1370 Colleen Avenue Public Works Director/City Engineer Swearingen stated this item was presented under agenda Item 10A. He requested the Council provide staff with direction on the assessment rate for the assessment roll and the deferred assessment. He recommended the Council adopt the Assessment Roll for the 2024 PMP Street& Utility Improvement Project. Councilmember Monson asked if staff needed separate motions for the assessment rates. Public Works Director/City Engineer Swearingen reported he would need separate motions for the assessment rates for the deferred assessments. City Administrator Perrault clarified that only one motion would be needed because the proposed interest rates were spelled out within the Resolution. Councilmember Rousseau indicated she supported the proposed interest rates as recommended by staff.