7A, Resolution 2010-034 - Receiving Proposed Special Assssment Roll & Providing for Hearings for the 2010 PMP

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Assessment Length of amount payment Interest Annual TotalInterest # REU ( er unit) ( ears) Rate a ment Paid Reconstruction: 31 $ 8,268.46 10 4.50% $ 1,044.96 $ 2,358.50 10 5.25% $ 1,083.84 $ 2,776.90 Mill and Overla : 34 $ 1,476.67 5 4.50% $ 336.37 $ 236.87 5 5.25% $ 343.43 $ 277.46 Schedule Assessment rolls must be adopted no later than September 27, 2010, to allow for a 30-day pre-payment period. Following the pre-payment period, assessment rolls are certified to Ramsey County for collection. The County requires that this certi� cation be done by November 1 S in order to allow them enough time to add the assessments to property taxes. The City plans to complete the certification by the end of October. As a result, we recommend the following schedule for the 2010 assessment process: June 2 8 July 14 Week of July 12 August 9 August 10 to September 8 Conclusion Resolution receiving assessment rolls, setting hearing dates Notice of hearing published in the Shoreview-Arden Hills Bulletin 1Vlail notices to affected property owners Assessment hearing; adoption of assessment roll Prepayment of assessments (30 days) The interest rate and length of payment must be set for this resolution. However, following the assessment hearing and prior to adoption of the assessment roll, the City Council may choose to adjust the interest rate and length of payment. The City Council can not increase the proposed amount to be assessed once the preliminary assessment roll is adopted, per Chapter 429 of the State statute. Council Action Requested Approval of Resolution 2010-034: Receiving proposed special assessment roll and providing for hearings for the 2010 Pavement Management Program. City Council Meeting \�.Metro-inet.us\ardenhills�PR&PW�Engineering\Council_Actions\2010\6-28-1 OMemo_2010PMP_OrderHearing.doc Page 3 of 3