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<br />5. On July 26,2004, by Resolution No. RES072604A, the proposed <br />improvement was ordered to be made in accordance with the "Project No. <br />995 University Park #2 Improvements" exhibit made a part thereof, with a <br />revised estimated cost of $830,000. <br /> <br />6. Construction of the improvement has been completed in accordance with <br />the plans and specifications therefor. The final cost of the improvement is <br />$825,606, which does not exceed the original estimated cost by more than 25%. <br />The final cost was computed as follows: <br /> <br />Item <br /> <br />Asphalt Additional Costs <br />Construction <br />Construction Inspection <br />Design Cost <br />Extra Project Design <br />Field and Material Testing <br />Legal Fees <br />Other Labor Cost <br />Plan Reproduction/Copies <br />Proj ect Advertisement-Watchman Advocate <br />Sewers Evaluation Work <br />Sub-grade Stabilization <br /> <br />Total <br /> <br />Cost <br /> <br />$ 9,106.20 <br />$677,893.80 <br />$12,175.59 <br />$35,720.00 <br />$1,020.00 <br />$4,666.25 <br />$725.00 <br />$5,500.00 <br />$224.16 <br />$100.00 <br />$35,475.00 <br />$43,000.00 <br /> <br />$825,606.00 <br /> <br />BE IT FURTHER RESOLVED: That the final cost of the improvement is <br />hereby assessed against each parcel of property deemed to be benefited by the <br />improvement, as provided in the attached assessment roll, marked Exhibit "A" and <br />incorporated herein by reference. The property owners may pay the assessments in full <br />on or before December 31, 2005, or may pay the assessments in substantially equal <br />annual installments for a duration not to exceed 20 years. The first installment shall be <br />payable after the first collection of general property taxes following the adoption of this <br />Resolution. The assessments shall accrue interest at a rate of 8% per annum from the <br />effective date of this Resolution until paid in full, except that no interest shall accrue if <br />paid in full on or before December 31,2005. <br /> <br />BE IT ADDITIONALLY RESOLVED: That the City Clerk shall mail a notice <br />to each property owner listed in Exhibit "A" which shall set forth a description of each <br />parcel of real property to be assessed which is owned by such owner, the special <br />assessment assigned to such property, and a statement that the property owner may pay <br />the assessment in full without interest on or before December 31, 2005, or may pay the <br />assessment with interest in substantially equal annual installments for a duration not to <br />exceed 20 years. <br /> <br />2 <br />