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Regular City Council Meeting Monday, September 24, 2012 Page 8 Ms. Bloom reviewed the special assessment rates based on actual project costs at 25% of street reconstruction costs, excluding sidewalks, storm sewers, water mains and sanitary sewers, and based on assessable frontage as approved in the feasibility report. Ms. Bloom reviewed various lot size and configuration calculations for those assessments, noting calculations for several townhome and condominium de- velopments located in the project area. Ms. Bloom noted that the reconstruction project provided an opportunity for property owners to have their sewer and/or wa- ter services at 100% cost to property owners, with many doing so with this project. Ms. Bloom noted the opportunity for assessment deferral for homesteaded property for owners aged 65 or older or retired by virtue of a disability and proof of hardship, with additional information available at City Hall. Specific to this project, Ms. Bloom advised that the assessments were over a fifteen (15) year term at 5.5% annual interest, collectable by Ramsey County on tax state- ments. Ms. Bloom reviewed the schedule for the assessment process, including to- night's public hearing, prepayment of assessments by October 26, 2012; and subse- quent certification to Ramsey County by November 1, 2012, of any unpaid assess- ments. As noted in the staff report, Ms. Bloom noted that the total project cost has been $1,070,844.34; with the total assessable cost at $594,070.65, with assessable foot- age averaging $3,882.73, or a $38.25/foot assessment rate at the 25% policy. Ms. Bloom noted that the engineer's estimate provided in the Feasibility Report had been $48.66, with the actual rate coming in at $38.25, a difference of<21%> less than projected. At the request of Councilmember McGehee, Ms. Bloom confirmed that the park frontage was added into the entire project. At the request of Councilmember McGehee, Ms. Bloom advised that, while proper- ty owners typically did sanitary sewer replacement of their private lines during a re- construction project at a significant cost savings rather than doing so independently, no one had new services installed as part of this project. At the request of Councilmember McGehee, Ms. Bloom reviewed the payment schedule again; noting that prepayments needed to be completed as specified to avoid additional interest applied for the next year by November 15, 2012, by Ram- sey County. With Ms. Bloom concurring, Mayor Roe noted that for City-owned property along a reconstructed street, that property was included in the total assessable frontage by which the cost is divided, therefore reducing the rate.