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RESOLUTION 10- <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br />A RESOLUTION DETERMINING ASSESSED COST OF <br />IMPROVEMENT AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT ROLL IN THE MATTER OF <br />2010 MAIN STREET PAVEMENT REHABILITATION <br />WHEREAS, costs have been determined for the 2010 Main Street Pavement Rehabilitation improvement <br />consisting of a contract price of $443,874.70, and expenses incurred or to be incurred by the <br />City in the making of the improvement in the amount of $62,142.30, for a total of the <br />improvement of $506,017. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the Ciry of Elk River, Minnesota: <br />1. Based upon the Ciry Assessment Policies, it is determined that the portion of this improvement to be <br />paid by the City and not assessed to benefited properties is $151,805. <br />2. The portion of the cost to be assessed against benefited properties pursuant to the Elk River Ciry <br />Assessment Policies shall be 70% of the project which amounts to $354,212. <br />3. The assessments shall be payable in equal annual installments and shall extend over a period of five <br />years, the first of the installments to be payable on or before the first Monday in January, 2011, with <br />interest at the rate of 3.5% per annum from the date of the adoption of the assessment resolution. <br />4. The Ciry Administrator with the assistance of the Project Engineer shall forthwith calculate the <br />proper amount to be specially assessed for such improvement against every assessable lot, piece, or <br />parcel of land, without regard to cash valuation, as provided by law, and shall have available at the <br />City Administrator's office a copy of the proposed assessment roll for public inspection. <br />5. Upon completion of the proposed assessment roll, the City Administrator shall notify the Council <br />and schedule a public hearing upon the proposed assessment, causing notice of the hearing by <br />publication and mail to be made at least two weeks prior to the hearing. <br />Passed and adopted this 7~ day of June 2010. <br />Stephanie A. Klinzing, Mayor <br />ATTEST: <br />Tina Allard, City Clerk <br />