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HomeMy WebLinkAbout7A 2018 Mill and Overlay Project Presentation2018 Mill & Overlay Improvement Project Assessment Hearing October 15, 2018 Construction Update Before and After 2018 Mill & Overlay Project Carriage Hills Parkway Construction Update Before and After 2018 Mill & Overlay Project Carriage Hills Parkway Construction Update Before and After 2018 Mill & Overlay Project Fairlawn Shores Trail Construction Update Before and After 2018 Mill & Overlay Project Wild Oaks Terrace 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 Substantially Complete Authorize Amount to be Assessed/Schedule Assessment Hearing Completed Conduct Assessment Hearing October 15, 2018 Adopt Assessment Roll October 15, 2018 Assessment Map Correspondence The City received correspondence from three groups pertaining to tonight’s assessment hearing: •Wild Oaks Home Owners Association •Age of street •Lack of maintenance by City •Association still responsible for private street •14091 Hidden View Road •City should cover cost of mill and overlay •Westedge Estates Townhome Association •Association still responsible for private street Sample Assessment Payments MILL & OVERLAY IMPROVEMENTS Unit Amount $1,200.00 Term (Years)5 Years APR 4.41% First Year Interest 77 Days Year Principal Interest Annual Payment Remaining Principal Beginning Balance $1,200.00 1 $240.00 $64.24 $204.24 $960.00 2 $240.00 $42.34 $282.34 $720.00 3 $240.00 $31.75 $271.75 $480.00 4 $240.00 $21.17 $261.17 $240.00 5 $240.00 $10.58 $250.58 $0.00 Totals $1,200.00 $170.08 $1,370.08 Sample Assessment Payments MILL & OVERLAY IMPROVEMENTS Unit Amount $960.00 Term (Years)5 Years APR 4.41% First Year Interest 77 Days Year Principal Interest Annual Payment Remaining Principal Beginning Balance $960.00 1 $192.00 $51.39 $243.39 $768.00 2 $192.00 $33.87 $225.87 $576.00 3 $192.00 $25.40 $217.40 $384.00 4 $192.00 $16.93 $208.93 $192.00 5 $192.00 $8.47 $200.47 $0.00 Totals $960.00 $120.08 $1,096.06 Important Dates •October 15, 2018 Notice of intent to appeal must be submitted in writing. •November 15, 2018 Full or partial payments needed by this date to avoid interest. •November 30, 2018 Payments made between November 15th and November 30th will include interest for 2018. •November 30th Payments made after this date will include interest for the entire following year. •May 15, 2019 If no prepayments are made, assessments will be incorporated into property taxes due beginning on this date. Any Questions?