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RESOLUTION 04- <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 SUPPLEMENTAL ASSESSMENT ROLL IN THE <br />MATTER OF BITUMINOUS OVERLAY IMPROVEMENT OF 2004 <br /> <br />WHEREAS, <br /> <br />costs have been determined for the 2004 Bituminous Overlay improvement <br />consisting of a contract price of $540,900 and expenses incurred or to be <br />incurred by the City in the making of the improvement in the amount of <br />$81,100, for a total cost of the improvement of $662,000. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota: <br /> <br />o <br /> <br />Based upon the City Assessment Polities, it is determined that the portion of this <br />improvement to be paid by the City and not assessed to benefited properties is $-0. <br />The portion of the cost to be assessed against benefited properties pursuant to the <br />Elk River City Assessment Policies shall be $662,000. <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of five years, the first of the installments to be payable on or before the first <br />Monday in January 2005, with interest at the rate of 5.50% per annum from the date <br />of 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 <br />the proposed assessment roll for public inspection. <br />Upon completion of the proposed supplemental assessment roll, the City <br />Administrator shall notify the Council and schedule a public hearing upon the <br />proposed assessment, causing notice of the heating by publication and mail to be <br />made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 7~h day of September, 2004. <br /> <br />ATTEST: <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />joan M. Schmidt, City Clerk <br /> <br />S:kPLANNING\Teny MaurerUResolutionsUMengelkoch deter cost.doc <br /> <br /> <br />