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RESOLUTION The matter of the neighborhood improvement district in University Heights Subdivision Number One was considered. After a review and general discussion of the matter, Councilmember Paul Schoomer offered the following resolution and moved its adoption. BE IT RESOLVED: That the Council of the City of University City, Missouri, finds and declares as follows: On January 5, 1998 a neighborhood improvement district in University Heights Subdivision Number One was lawfully established by resolution, and preliminary plans and specifications for the proposed improvement were ordered to be made. The proposed improvement is the partial removal and replacement of concrete gutters and curbs, and the renovation and re-paving of subdivision streets. The revised estimated cost of the proposed improvement is $554,459.73, which does not exceed the original estimated cost of $500,000.00 by more than 25%. The plans and specifications for the proposed improvement are set out in the attached "Improvement Contract for Project No. 915," marked Exhibit "A" and made a part hereof. o The proposed assessment roll, listing the assessments to be made against each parcel of real property deemed to be benefitted by such improvement, is attached, marked Exhibit "B" and made a part hereof. It is proposed that the assessments shall accrue interest at the rate of 8% per annum until paid in full. The property owners may pay such assessments in full when levied or in substantially equal annual installments for a duration not to exceed 20 years. BE IT FURTHER RESOLVED: That the plans and specifications (Exhibit "A") and the proposed assessment roll (Exhibit "B") shall be filed with the City Clerk, and shall be open for public inspection. The City Clerk shall thereupon publish notice that the City Council will conduct a hearing at City Hall at 7:30 p.m. on June 29, 1998, to consider the proposed improvement and proposed assessments. Such notice shall be published in a newspaper of general circulation at least once not more than 20 days and not less than 10 days before the heating and shall state the project name for the improvement, the general nature of the improvement, the revised estimated cost, the boundaries of the neighborhood improvement district to be assessed, and that written or oral objections will be considered at the hearing. At the same time, the City Clerk shall mail to the owners of record of the real property made liable to pay the assessments, at their last known post- office address, a notice of the heating and a statement of the cost proposed to be assessed against the real property so owned and assessed.