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£: : = --ter *(fe <br /> -.f 1880 7Vfain Street,Centerviff 9bfN55038 <br /> ta-aaalIShed 14,6 651-429-3232 or T&X 651-429-8629 <br /> December 15, 2015 <br /> Mr. &Mrs. Ray Martin or Current Owner <br /> 7245 Mill Road <br /> Centerville, MN 55038 <br /> Dear Property Owner: <br /> Attached to or printed on the reverse side of this letter is the official notice of hearing for <br /> special assessment for a street improvement affecting your property. The improvement <br /> will result in a new pavement surface on your street. <br /> The proposed assessment for benefit to your property is shown below, along with an <br /> estimate of the annual cost that would result if the special assessment is collected with <br /> taxes over several years. The City Council has not yet determined the term of the <br /> assessment, but is considering three to five years. The City Council will discuss the <br /> City's corner lot policy and associated assessment calculations. <br /> The proposed assessment based upon the bids received for the improvement together with <br /> additional costs for engineering, legal and administrative expenses associated with the <br /> improvement. The assessment amount is the same as was used for the estimate at the <br /> improvement hearing. <br /> Proposed Special Assessment Per Property $750.00 <br /> Assessments may be prepaid at any time. No interest <br /> is due if paid within 60 days of adoption of the special <br /> assessment. <br /> Approximate annual payment based upon an <br /> interest rate of 5% and a payment term of the <br /> following: <br /> Three(3) years $282.44/year <br /> Four(4) years $216.91/year <br /> Five(5) years $177.66/year <br /> Please contact this office at (651) 429-3232 if you should have any questions. <br /> Mike Ericson <br /> City Administrator <br /> 2 <br />