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ARDEN HILLS CITY COUNCIL—August 9, 2010 5 3. Approval of Minutes (continued) MOTION: Councilmember Holden moved and Mayor Harpstead seconded a motion to approve the July 12, 2010, City Council Worksession Meeting minutes as presented, the July 12, 2010, Regular Council Meetiniz minutes the July 26 2010, City Council Worksession Meeting minutes as amended, and the July 261 20101, Regular City Council Meeting minutes as presented. The motion carried unanimously (5-0). 4. CONSENT CALENDAR A. Claims and Payroll B. Appointment of Thomas Mikacevich to the position of Public Works Maintenance Worker C. First and Second Quarter Financial Reports MOTION: Councilmember Grant moved and Councilmember McClung seconded a motion to approve the Consent Calendar as presented and to authorize execution of all necessary documents contained therein. The motion carried unanimously (5-0). 5. PULLED CONSENT ITEMS None. 6., PUBLIC HEARINGS A. 2010 Pavement Management Program Special Assessment Public Hearing Civil Engineer Kristine Giga stated on June 28, 2010, the City Council set August 9, 2010, as the date to hold public hearings for the purpose of establishing special assessments for the 2010 PMP Improvements. The project is proposed to be assessed consistent with the City's assessment policy, which states that 50% of the costs for roadway improvements will be assessed in residential areas, with the remaining portion financed by various City funds. Financing for the project is consistent with past City policy and practices. The per unit assessment for the reconstruction of Valentine Avenue, Valentine Crest Road and Valentine Court is $8,268.46 and the per unit assessment for the mill and overlay of Katie Lane and Katie Court is $1,476.67. At the June 28, 2010, City Council meeting, the City Council directed Staff to set the payment period of the assessment to 10 years for the reconstruction portion of the project and 5 years for the mill and overlay portion of the project, as written in the assessment policy. The interest rate was set at 4.5%, which is 2% over the current annualized rate of return on the City's portfolio. Staff also received direction from the City Council on how to proceed with assessments on several parcels within the project. 1645 Valentine Avenue and 4093 Valentine Crest Road were identified as sub- dividable, according to current City Code; therefore being counted as two residential equivalent units (REU). The City Council directed Staff to move forward an agreement, signed by both the City and the property owner, which would be recorded against the property, indicating the second assessment would not be charged until such time as the property was subdivided. At the City