MARSHALL — Major reconstruction of two downtown Marshall streets is finished – and now part of the costs will be assessed to local property owners.

At Tuesday’s Marshall City Council meeting, council members set a July 9 date for an assessment hearing for the recent West Lyon Street/North Third Street construction project. Out of the project’s total $4.3 million cost, about $553,000 would be assessed to property owners, said Marshall Public Works Director Jason Anderson.

The reconstruction project replaced streets and utilities along North Third Street between Main and West Redwood Street, as well as along West Lyon Street from College Drive to North Fifth Street. The reconstruction of the public parking lot at the corner of College Drive and Lyon Street was also part of the project.

At the council meeting, Anderson went over the cost breakdown of the project. Property owners would not be the only ones participating in the project cost. In addition to assessments, there would also be participation from the city’s wastewater fund and surface water utility, ad valorem participation from the city, and participation from Marshall Municipal Utilities.

A total of $553,501 – or 12.5% of the overall project costs – was proposed to be assessed to property owners benefitted by the street reconstruction, Anderson said.

The assessment interest rate would be 5.27%, which was 2% above the most recent bond interest rate. Anderson said the proposed term for paying assessments was eight years. However, he said that was just based on past practice. Marshall doesn’t have a formal rule setting an assessment term.

Council members passed a resolution setting a hearing date on the proposed assessments. The hearing will be held on July 9 at Marshall City Hall.