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f <br />1 <br />The estimated project assessment based on the feasibility study cost estimate, and a City contribution <br />of $9,000, is $2,400 per property for seven properties. The proposed interest rate is 6.25% which <br />is the same rate that has l^n used on sanitary sewer projects. The neighborhood residents have <br />requested a ten-year time period for this assessment. However, options for earlier payment of the <br />assessment are available with reduced interest costs. <br />We are recommending Council approval of the attached resolutions declaring the costs to be assessed <br />and scheduling an assessment hearing for 7:00 p.m. at the March 24th Council meeting <br />COUNCIL ACTION REQUESTED <br />Motion to approve resolution declaring cost to be assessed and ordering preparation of proposed <br />assessment for the North Arm Lane Paving Project. <br />Motion to approve resolution for hearing on proposed assessment for the North Arm Lane Paving <br />Project. <br />Page 2 of 2