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in accordance with it y Council direction, a feasibility report has been prepared that details the <br /> ed des neighborhood impact, and estimated cost of the proposed 1998 P . Copies of <br /> proposed � � � <br /> he completed feasibility reports is enclosed. The next step in the process is for the council to <br /> t P y F <br /> accept the feasibility report and to schedule public heann9s. <br /> Policy objectives: The various recommended street improvement projects are being considered <br /> y <br /> as part <br /> of the City's 1998 FW. The projects are consistent with the policies originally established <br /> for the PNV summarized as follows: <br /> Roads will be reconstructed based upon pavement condition and reconstruction will be <br /> dome by neighborhoods. <br /> 2. Maximum annual PMP contract expenditures will be approximately two million dollars <br /> per year. <br /> Petitions for street irn rovements will be considered along i projects evaluated based <br /> �. p <br /> on pavement evaluation score. <br /> 4. Project costs will be assessed consistent with city assessment policy. <br /> 5. Public hearings will be held consistent with state statute to consider all PMP projects. <br /> Financial irn lications: These projects have major financial implications for the city including <br /> ���an � p J <br /> the following: <br /> Sale of approximately two million dollars of general obligation bonds annually to finance <br /> 1. <br /> the improvement costs. <br /> 2. Expenditure of utility fund dollars to pay for the repairs needed to the existing utility <br /> system. <br /> 3, Assessments levied in accordance with assessment policy. <br /> staff <br /> recommendation: The size of the proposed 1998 PW is slightly less than previous gears. <br /> Although p <br /> h resident input is expected at the public hearing, staff feels that all the hearings can be <br /> in one evenin . It is recommended that pubhe hearings for the 1998 FMP be <br /> completed � <br /> sc . <br /> scheduled at the regular City Council meeting on Monday, February 9, 1998, at 7:15 p.m. <br /> IP <br /> RECOMMENDED COUNCIL ACTION a <br /> Adoption of a resolution receiving the feasibility report and scheduling public improvement <br /> hearings for 1998 PNT projects for Febraary 9, 1998, at 7:15 p.m. <br /> Prepared by: Jay Kennedy <br />