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<br />six inch watermain along (inaudible), storm sewers along <br />Cleveland Avenue, discharging into a low, marshy area, and also <br />concrete curbs and gutters and bituminous street and grading. <br /> <br />MAYOR WOODBURN: This was requested by a suitable majority <br />of the property owners. I will now ask Mr. Popovich to explain <br />the financing. <br /> <br />. <br /> <br />MR. POPOVICH: Mayor and members of the Council, the <br />total cost of this project is $139,870.00. As you know, it <br />was handled pursuant to a petition by 100% of the affected <br />property owners. It will be 100% assessed. For 19 lots, it <br />will amount to $7,361.58 per lot. We propose - and the <br />notice carries it - to be assessed over a six year period. <br />The improvement has not been included in any bond issue as of <br />yet. It's been handled internally by City financing, but the <br />last bond issue we had, and the other improvements that are <br />on tonight for assessments, we're recommending a 10% carrying <br />charge on the assessments if they're not prepaid. The reason <br />for that is that our bond issue came out at 9.01% and we <br />usually charge 1% over that. We could go as high as 12% under <br />the statute and we're recommending at least that 1% over, so <br />our projected interest charge should be 10%. That is our <br />recommendation. The property owners, of course, have a right <br />to prepay within 30 days after adoption of the assessment roll <br />or at any time during that six year period and save the <br />resulting interest. <br /> <br />MAYOR WOODBURN: Mrs. McNiesh, do you have any written <br />comments? <br /> <br />MRS. McNIESH: None, your Honor. <br /> <br />MAYOR WOODBURN: We'll open the meeting then to comments <br />from the audience on the Hazelnut Park improvement. Are there <br />any? Since there are none, we will close the public hearing <br />at this time and come back to the Council for adoption or <br />nonadoption - the Council preference as to assessing this <br />property for the improvement. Any comments from the Council? <br /> <br />COUNCILMAN McALLISTER: How many lots are there? <br /> <br />MR. POPOVICH: 19 - $7,361.58 per lot. <br /> <br />Councilman McAllister then introduced the following <br />resolution and moved its adoption: <br /> <br />Resolution No. 83-43a <br /> <br />RESOLUTION AMENDING ASSESSMENT ROLL <br />FOR IMPROVEMENT NO. SS-W-P-ST-83-3 <br /> <br />BE IT RESOLVED by the City Council of the City of Arden <br />Hills, Minnesota, as follows: <br /> <br />. <br /> <br />-2- <br />