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RESOLUTION 97 - <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION DETERMINING ASSESSED COST OF <br />IMPROVEMENT AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT ROLL IN THE MATTER OF <br />ORONO LAKE 3RD ADDITION IMPROVEMENT OF 1997 <br /> <br />VOtEREAS <br /> <br />costs have been determined for the Orono Lake 3rd Addition improvement <br />consisting of a contract price of $282,200.85 and expenses incurred or to be <br />incurred by the City in the making of the improvement in the amount of <br />$164,021.84 for a total cost of the improvement of $446,222.69. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Elk River, <br />Minnesota: <br /> <br />1. Based upon the City Assessment Policies, it is determined that the portion of this <br /> improvement to be paid by the City and not assessed to benefitted properties is $61,250.00. <br /> <br />2. The portion of the cost to be assessed against benefitted properties pursuant to the Elk River <br /> City Assessment Policies shall be $385,000.00. <br /> <br />o <br /> <br />Thc assessments shall be payable in equal annual installments included and coinciding with <br />real estate tax payments and shall extend over a period of 10 or 15 years. The first of the <br />installments will be included on your 1998 tax statement tmless prepaid with interest at the <br />rate of 8 % per annum starting December 1, 1997. <br /> <br />The City Administrator with the assistance of the Project Engineer shall forthwith calculate <br />the proper amount to be specially assessed for such improvement against every assessable lot, <br />piece, or parcel of land, without regard to cash valuation, as provided by law, and shall have <br />available to the City Administrator's office a copy of the proposed assessment roll for public <br />inspection. <br /> <br />Upon completion of the proposed assessment roll, the City Administrator shall notify the <br />Cour~il and schedule a public hearing upon the proposed assessment, causing notice of the <br />hearing by publication and mail to be made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 27th day of January, 1997. <br /> <br />ATTEST: <br /> <br />Henry A. Duitsman, Mayor <br /> <br />Sandra A. Thackeray, City Clerk <br /> <br /> <br />