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<br />2009 PMP <br />5/8/2009 <br />Page 3 <br /> <br />reconstruction project is 10 years. The following table shows the annual assessment amount for <br />the three scenarios listed above at 10 and 15 year payment periods with 4.8% and 5.25% interest <br />rates. <br /> <br /> Assessment Length of <br /> amount payment Interest Annual Total Interest <br />#REU (per unit) (years) Rate payment Paid <br />89 $ 6,675.87 10 4.80% $ 856.18 $ 1,885.92 <br /> 10 5.25% $ 875.08 $ 2,074.96 <br /> 15 4.80% $ 634.50 $ 2,841.68 <br /> 15 5.25% $ 654.08 $ 3,135.37 <br />90 $ 6,601.69 10 4.80% $ 846.67 $ 1,864.96 <br /> 10 5.25% $ 865.36 $ 2,051.91 <br /> 15 4.80% $ 627.45 $ 2,810.10 <br /> 15 5.25% $ 646.81 $ 3,100.53 <br />92 $ 6,458.18 10 4.80% $ 828.26 $ 1,824.42 <br /> 10 5.25% $ 846.55 $ 2,007.30 <br /> 15 4.80% $ 613.81 $ 2,749.01 <br /> 15 5.25% $ 632.75 $ 3,033.13 <br /> <br />SCHEDULE <br />Assessment rolls must be adopted no later than September 28, 2009, to allow for a 30-day <br />pre-payment period. Following the pre-payment period, assessment rolls are certified to Ramsey <br />County for collection. The County requires that this certification be done by November 15 in <br />order to allow them enough time to add the assessments to property taxes. The City plans to <br />complete the certification by the end of October. As a result, we recommend the following <br />schedule for the 2009 assessment process: <br /> <br />May 11 <br /> <br />Resolution receiving assessment rolls, setting hearing dates <br /> <br />May 20 <br /> <br />Notice of hearing published in the Shoreview-Arden Hills Bulletin <br /> <br />May 20 <br /> <br />Mail notices to affected property owners <br /> <br />June 8 <br /> <br />Assessment hearing <br /> <br />June 8 <br /> <br />Hearing date for final adoption of assessment roll <br /> <br />June 9 to July 8 <br /> <br />Prepayment of assessments (30 days) <br />