Staff is preparing a report for the Aug. 23 neighborhood meeting with updated costs and estimated assessments for the project. In 2021, the estimated project cost was approximately $28 million. A majority of the project will be funded by the city with the remaining costs paid for through special assessments by neighborhood property owners. Special assessments are a charge imposed on properties for a particular improvement that benefits the owners of those selected properties. They are a levy a city uses to finance, or partially finance, a particular public improvement. The amount of the charge bears a direct relationship to the value of the benefit the property receives.