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<br />RESOLUTION 05- <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 />STREET RECONSTRUCTION IMPROVEMENT OF 2005 <br /> <br />WHEREAS costs have been determined for the 2005 Street Reconstruction improvement <br />consisting of a contract price of $1,443,920, and expenses incurred or to be incurred <br />by the City in the making of the improvement in the amount of $548,690.00, for a <br />total cost of the improvement of $1,992,620.00. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of 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 benefited properties is <br />$1,506,620.00. <br />2. The portion of the cost to be assessed against benefited properties pursuant to the Elk River <br />City Assessment Policies shall be $486,000.00. <br />3. The assessments shall be payable in equal annual installments and shall extend over a period <br />of 7 to 10 years, the first of the installments to be payable on or before the first Monday in <br />January, 2006, with interest at the rate of 5.75% per annum from the date of the adoption of <br />the assessment resolution. <br />4. 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 <br />lot, piece, or parcel of land, without regard to cash valuation, as provided by law, and shall <br />have available at the City Administrator's office a copy of the proposed assessment roll for <br />public inspection. <br />5. 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 the <br />hearing by publication and mail to be made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 21 st day of March 2005. <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />ATTEST: <br /> <br />Joan M. Schmidt, City Clerk <br /> <br />S:\EngineerImprovProj\200S Improvement Projects\Pavement Rehab 200S\Resolutions\Determ cost-order assessm roll. doc <br />