MARSHALL — The Marshall City Council has scheduled a hearing on July 9th after the completion of two major reconstruction projects of two downtown streets to assess costs to local property owners.
The $4.3 million reconstruction project replaced streets and utilities along North Third Street between Main and West Redwood Street, and West Lyon Street from College Drive to North Fifth Street. Additionally, the public parking lot at the corner of College Drive and Lyon Street was upgraded.
Marshall Public Works Director Jason Anderson provided a detailed breakdown of the project costs at the recent city council meeting. Of the total project cost, approximately $553,000, or 12.5%, will be assessed to property owners who benefit from the improvements. The remaining funds will come from the city’s wastewater fund, surface water utility, ad valorem contributions, and Marshall Municipal Utilities.
The proposed assessments for property owners will carry an interest rate of 5.27%, which is 2% above the most recent bond interest rate. The suggested repayment term is eight years, based on past practices, although the city does not have a formal rule setting the assessment term.
The Marshall City Council has passed a resolution to set a hearing date for the proposed assessments. The hearing will take place on July 9 at Marshall City Hall, providing an opportunity for property owners and other stakeholders to discuss and provide input on the assessments.
