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REQUEST FOR ACTION <br />To Item Number <br />City Council 5 - ~ <br />Agenda Section Meeting Date Prepared by <br />Administration November 3, 2008 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Reassessment of the 2008 Bituminous Overlay Improvement Terry Maurer, Public Works Director <br /> Reviewed by <br /> Lori ohnson, Ci Administrator <br />Action Requested <br />The City Council is asked to consider the attached resolution determining the amount of reduction of the <br />previously assessed 2008 bituminous overlay improvement. <br />Background/Discussion <br />On July 7, 2008, the City Council adopted resolutions determining assessment amounts and adopting the <br />assessment roll. The project was started after that meeting and recently completed. A final project <br />calculation was completed and was less than the anticipated project cost due to a modest under run of the <br />construction contract and some remaining contingency; therefore, staff is recommending the City Council <br />consider reassessing the project at a reduced rate of $1,400 per unit (original assessment was $1,500 per <br />unit). This will result in a reduction in the amount assessed of $32,700. Staff will prepare new assessment <br />schedules and a mailing to all assessed properties will be done. <br />Financial Impact <br />No financial impact to the city, just a reassessment due to the estimated project cost at the assessment <br />hearing. Any parcels that have prepaid their assessment in full will be sent a refund check. <br />Attachments <br />A Resolution Determining The Amount Of Reduction Of The Previously Assessed 2008 <br />Bituminous Overlay Improvement. <br />ACtlon Motion by Second by Vote <br />Follow Up <br />C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\2008 <br />reassessment.doc <br />