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<br />34 to City Council for approval of final payment to the contractor and contract close out. <br />35 <br />36 As noted in the resolution, staff recommends a ten-year payment term and 6.00% interest. <br />37 Below is a comparison of proposed and final assessments: <br />38 <br />39 <br />40 <br />41 More information on assessments can be found on the attached draft final assessment roll <br />42(Attachment 3) and the published public notice (Attachment 4). <br />43 <br />44 Attachment 5 includes one objection letter to the proposed final assessment for a property <br />45 owner at 2171 County Road B. <br />46 <br />47 Policy Objectives <br />48 It is City policy to keep City-owned infrastructure in good operating condition. <br />49 <br />50 Equity Impact Summary <br />51 The proposed Special Assessments to be levied is proposed to be payable over 10 years; <br />52 residents may apply for hardship deferral of payments per the City’s resolution on <br />53 assessment deferrals. <br />54 <br />55 Budget Implications <br />56 Assessments are per the adopted Special Assessment Policy. They were preliminarily <br />57 estimated at $166,007.77 prior to bidding the project, and now only total $138,441.04 <br />58 based on final roadway construction costs. This change does not negatively impact overall <br />59 project funding as street and Municipal State Aid funds budgeted for the project are still <br />60 sufficient. <br />61 <br />62 Staff Recommendations <br />63 Staff recommends that City Council approve resolution adopting special assessments for <br />64 Project No. 24-02 reconstructing County Road B from Cleveland Avenue to the west edge <br />65 of Sunset Park. <br />66 <br />67 Requested Council Action <br />68 Approve resolution adopting special assessments for Project No. 24-02 reconstructing <br />69 County Road B from Cleveland Avenue to the west edge of Sunset Park. <br />70 <br />71 <br />Jennifer Lowry, Assistant Public Works Director / City Engineer <br />Prepared by: <br />Page 2 of 3 <br />Qbhf!23!pg!385 <br /> <br />