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. . , to an additional storm water detention basin and a storm water out- let structure. Over on the east, near the Lino Lakes property, another storm sewer was constructed southerly to a storm water detention basin - the westerly half of the storm water detention basin was previously constructed. The improvement also includes the purchase of that storm water detention basin and a storm sewer to the south. It further includes storm sewer along the west side of Lexington Avenue to Grey Fox Road, along Grey Fox Road westerly and then northerly under Trunk Highway 51 and then to Bethel Ditch. The improvement also includes costs that were not actually part of Arden Hills' construction but part of the Minnesota Department of Transportation's construction. They are constructing a storm sewer pipe from Lexington Avenue westerly to a point where it crosses Interstate 694 to a detention basin which they have constructed. MAYOR WOODBURN: How many governmental units are in this? MR. CHRISTOFFERSEN: This includes Ramsey County, Minnesota Department of Transportation, the City of Shoreview and the City of Arden Hills. MAYOR WOODBURN: We will have a time for questions later. We'll ask Mr. Popovich, our fiscal consultant, for his statements. MR. POPOVICH: Mayor and members of the Council, this is the assessment hearing, as you know. When the original feasibility hearing was had a year ago, the total estimated cost for the Arden Hills' share of this five party joint powers approach, was $945,527.00. The total cost, as it works out now, based on actual construction costs, is $772,554.00 - nearly $200,000.00 less. At the time we had our feasibility hearing, we projected an assess- ment rate of $3,940.00 per acre if we went 100% assessed. The recommendation is that $653,000 be raised by special assessments and $119,000 by general taxes or other City funds. Because of the reduced construction costs and total overall costs, there are 178.63 acres that will be assessed at $2,750.00 per acre and there are 72.59 acres that will be assessed at $2,233.26. The reason for the difference in these two figures is that 72 acres received an assessment in connection with County Road F when that storm drainage was put in some time ago and they were assessed $516.00 per acre - so they are getting credit, or the benefit, of that previous assessment. That's why that's reduced to $2,233.26. We're recommending that the assessments be spread over a period of 15 years in connection with this project and that ~~e interest carrying charge be at the rate of 10.01%. That's one percent over what we sold the bonds for. I might say that under the law you could go up to 12% or the current rate as certified by the Commissioner of Finance, but in the judgment of the City administrative staff and ourselves, we tried to stay with past policy of having only a one percent override over what 2