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Home My WebLink About7A Adopting Assessments for the 2017 Mill and Overlay Project Presentation2017 Mill & Overlay Improvement Project Assessment Hearing September 18, 2017 Construction Update Before and After 2017 Mill & Overlay Project Cardinal Ridge Neighborhood Construction Update Before and After 2017 Mill & Overlay Project Five Hawks Neighborhood Public Improvement Process Project Schedule ACTIVITY DATE Accept Feasibility Report / Call for Public Hearing Completed Informational Meeting Completed Conduct Public Hearing/Accept Project / Order Plans & Specifications Completed Informational Meeting Completed Approve Plans and Specifications / Order Advertisement for Bids Completed Open Bids Completed Accept Bids/Award Contract Completed Construction Completed Authorize Amount to be Assessed/Schedule Assessment Hearing Completed Conduct Assessment Hearing September 18, 2017 Adopt Assessment Roll September 18, 2017 Assessment Map Sample Assessment Payments MILL & OVERLAY IMPROVEMENTS Unit Amount $1,200.00 Term (Years)5 Years APR 3.80% First Year Interest 105 Days Year Principal Interest Annual Payment Remaining Principal Beginning Balance $1,200.00 1 $240.00 $58.90 $298.90 $960.00 2 $240.00 $36.48 $276.48 $720.00 3 $240.00 $27.36 $267.36 $480.00 4 $240.00 $18.24 $258.24 $240.00 5 $240.00 $9.12 $249.12 $0.00 Totals $1,200.00 $150.10 $1,350.10 Sample Assessment Payments MILL & OVERLAY IMPROVEMENTS Unit Amount $960.00 Term (Years)5 Years APR 3.80% First Year Interest 105 Days Year Principal Interest Annual Payment Remaining Principal Beginning Balance $960.00 1 $192.00 $47.12 $239.12 $768.00 2 $192.00 $29.18 $221.18 $576.00 3 $192.00 $21.89 $213.89 $384.00 4 $192.00 $14.59 $206.59 $192.00 5 $192.00 $7.30 $199.30 $0.00 Totals $960.00 $120.08 $1,080.08 Important Dates •October 18, 2017 Full or partial payments needed by this date to avoid interest. •November 30, 2017 Payments made between October 18th and November 30th will include interest for 2017. •November 30th Payments made after this date will include interest for the entire following year. •May 15, 2018 If no prepayments are made, assessments fill be incorporated into property taxes due beginning on this date. Any Questions?