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ARDEN HILLS CITY COUNCIL—June 28, 2010 5 7.A. Resolution 2010-034: Receiving Proposed Special Assessment Roll and Proving for Hearings for the 2010 Pavement Management Program (continued) 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 interest rate and length of payment must be set by this resolution. 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 cannot increase the proposed amount to be assessed once the preliminary assessment roll is adopted. Councilmember Holden stated the 2009 PMP project had a deadline date of 30 years for those properties that were assessed as two properties. She asked if this could be added to this agreement as well. Civil Engineer Giga clarified the 2009 PMP project had a deferred assessment roll, which is different from what is being proposed at this time. She stated the Council could choose to add language that would in effect forgive the assessment if the property is not divided at the end of thirty years. She stated thirty years is the maximum amount of time that could be set on deferred assessment rolls. Mayor Harpstead asked if Staff has talked to the residents about the proposed assessment roles. Civil Engineer Giga stated Staff would be talking to the residents once the Council has provided comments on the agreements. Mayor Harpstead stated he would like to see language added that would forgive the second assessment for those properties that are considered two lots, after thirty years if the property is not subdivided during that time. Councilmember McClung recommended Staff consult with City Attorney Jerry Filla regarding this language and if it can be done or if a deferred assessment roll will need to be done. Councilmember Holden stated she would like to have the interest rate set at 4.5% rather than 5.25%. Mayor Harpstead stated he would agree with this interest rate. He also stated the term lengths of five years for the mill and overlay project area and ten years for the reconstruction area of the project are also acceptable. Councilmember McClung stated he would agree with the interest rate and term lengths as well. Councilmember Holden asked for clarification regarding the address "0 Valentine Court." Civil Engineer Giga stated currently this is a vacant lot that is owned by Mr. Peterson. The property is not developed at this time and does not have a legal address. Staff will work with the Community Development Department to establish an address once the property is being developed.