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, � <br /> the interest rate the City would apply to this project is 4.5%. The assessment process will require the <br /> City to follow the MN State Statue 429 process. This process includes: <br /> � Initiation of Improvement Project by Council (staf� or by petition.—Petition was submitted <br /> by residents. <br /> � Feasibility Report prepared and accepted by Council—November 12, 2013. <br /> • Public Hearing to Order the Project—Tonight <br /> 0 10 days notice is required to be mailed to affected residents. <br /> o Legal notice placed in paper two times prior to the hearing(10 days prior to hearing). <br /> o Requires 3/5 Approval of Council for petitioned projects. <br /> o If approved, it will result in"Pending Assessments" being shown on Properties <br /> • Special Assessment Hearing—After Project has been bid and before construction <br /> 0 2 week mailed notice to all property owners is required. <br /> o Assessments are filed 30 days after hearing if no objections are received or waivers of <br /> appeal are signed. <br /> It is staff s recommendation to approve the plans and specifications and to proceed with bidding the <br /> project. <br /> COUNCIL ACTION REQUESTED: <br /> Consider a motion to direct staff to advertise the project for bidding and to approve the resolution <br /> ordering the Green Trees Road Sanitary Sewer Extension Project. <br />