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RESOLUTION 11- <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br />A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT IN THE MATTER OF THE 201 I STREET IMPRQVEMENT PROJECT <br />WHEREAS, estimated costs have been calculated for the 2011 Street Improvement Project, the improvements <br />being in the following locations: <br />• 2nd Street NW from Railroad Drive NW to cul-de-sac east of Evans Avenue NW <br />• 151 Street NW from Evans Avenue NW to the cul-de-sac <br />• Railroad Drive NW from Gates Avenue NW to entrance gate to Great River Energy <br />• Gates Avenue NW from Main Street NW to Railroad Drive NW <br />• Freeport Avenue NW from Main Street NW to 2°d Street NW <br />• Evans Avenue NW from Main Street NW to Railroad Drive NW <br />• Industrial Boulevard NW <br />• Triangle Road NW from Industrial Boulevard NW to the cul-de-sac <br />• 192nd Court NW from Industrial Boulevard NW to the dead end to the west <br />and the estimated cost for such improvements is $1,387,000, and the expenses incurred or to be incurred in the <br />making of such improvement amount to $218,000 so that the total cost of the improvement will be $1,605,000. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ELK RIVER, MINNESOTA: <br />1. The portion of the cost of such improvement to be paid by the city is hereby declared to be $1,030,000 and <br />the portion of the cost to be assessed against benefited property owners is declared to be $575,000. <br />2. Assessments shall be payable in equal annual installments extending over a period of 10 years, the first of <br />the installments to be payable on or before the first Monday in January, 2012, and shall bear interest at the rate <br />of 3.4 percent per annum from the date of the adoption of the assessment resolution. <br />3. The City Clerk, with the assistance of the City Engineer, shall forthwith calculate the proper amount to be <br />specially assessed for such improvement against every assessable lot, piece or parcel of land within the district <br />affected, without regard to cash valuation, as provided by law, and he/she shall file a copy of such proposed <br />assessment in his/her office for public inspection. <br />4. The clerk shall upon the completion of such proposed assessment, notify the council thereof. <br />Passed and adopted this 6th day of June, 2011. <br />ATTEST: <br />John J. Dietz, Mayor <br />Tina Allard, Ciry Clerk <br />