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RESOLUTION 02- <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 />ZANE AVENUE IMPROVEMENT OF 2002 <br /> <br />WHEREAS <br /> <br />costs have been determined for the Zane Avenue Improvement consisting of a <br />cont:ract price of $315,300, and expenses incurred or to be incurred by the City in <br />the making of the improvement in the amount of $119,000, for a total cost of the <br />improvement of $434,300. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: <br /> <br />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 benefited properties is <br />$156,600. <br />The portion of the cost to be assessed against benefited properties pursuant to the Elk <br />River City Assessment Policies shall be $277,700. <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of ten (10) years, the first of the installments to be payable on or before the first <br />Monday in January, 2002, with interest at the rate of 5.50% per annum from the date of <br />the adoption of the assessment resolution. <br />The City Administrator with the assistance of the Project Engineer shall forthwith <br />calculate the proper amount to be specially assessed for such improvement against <br />every assessable lot, piece, or parcel of land, without regard to cash valuation, as <br />provided by law, and shall have available at the City Administrator's office a copy of the <br />proposed assessment roll for public inspection. <br />Upon completion of the proposed assessment roll, the City Administrator shall notify the <br />Council and schedule a public hearing upon the proposed assessment, causing notice of <br />the hearing by publication and mail to be made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 12th day of August, 2002. <br /> <br />ATTEST: <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />Sandra A. Peine, City Clerk <br /> <br />O:\PROJ\815640J\0564\Res-080502-a. 13.doc <br /> <br /> <br />