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ARDEN HILLS CITY COUNCIL—APRIL 13, 2026 7 Mr. Fisher reported the City's current assumed bond interest rate is 3.70% and the prime rate is 6.75%. Staff would recommend following the City's assessment policy and setting the assessment rate at 5.70%. The total project costs were analyzed for the assessable cost. The calculation of the amount to be assessed as approved by Council Resolution 2026-010 is shown below. The assessments related to the project are calculated in accordance with the City's Assessment policy, is 50% of the street project cost for residential properties, 70% for industrial properties and dependent on the type of pavement rehabilitation. Mr. Fisher stated the Council should hold the Assessment Hearing. After the Assessment Hearing is closed and as part of New Business, Council should consider adopting Resolution 2026-023 Adopting the Assessment Roll for the 2026 PMP Street & Utility Improvement Project with any changes they deem appropriate. If questions or concerns are received at the assessment hearing that require further investigation, staff recommends that Council amend the proposed assessment roll to remove the property or properties, then approve the Resolution as amended. This will allow staff time to research questions and objections raised at the hearing before bringing discussion back at a later Council meeting. Following the assessment hearing, also under new business, staff will be recommending award of the contract to Bituminous Roadways, Inc. as the lowest responsible bidder. Councilmember Rousseau asked if Gateway Fiber would be installed in coordination with this proj ect. Mr. Fisher explained it was his understanding there was interest but noted a franchise agreement would have to be put in place. Councilmember Weber noted he spoke with the attorney at North Suburban Cable Commission and he had asked whether requiring franchises was cooling interest in fiber installation. The attorney responded that he did not believe that to be the case. Councilmember Rousseau inquired if residents could coordinate with the contractor to have their driveways redone. Mr. Fisher reported the City would not be taking on the coordination efforts, but noted residents could speak with the contractor on their own. He explained some contractors were willing to take on this private work and some were not. Councilmember Rousseau asked when neighbors would be provided with further information on the project timeline. Mr. Fisher anticipated this would occur in May when the City would be hosting a neighborhood open house for this project. Councilmember Rousseau questioned who residents could contact if they had concerns regarding the project. Mr. Fisher encouraged residents to contact Bolton & Menk with construction related questions. He provided further information on the notices that would be provided to residents throughout the construction project as roadway and utility improvements occur.