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<br />RESOLUTION 07- <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION DETERMINING ASSESSED COST OF IMPROVEMENT AND ORDERING <br />PREPARATION OF PROPOSED ASSESSMENT ROLL IN THE MATTER OF <br />IRVING AVENUE AREA STREET REHABILITATION IMPROVEMENT OF 2007 <br /> <br />WHEREAS costs have been determined for the Irving Avenue Area Street Rehabilitation Improvement <br />consisting of an estimated contract price of $2,522,500, and expenses incurred or to be <br />incurred by the City in the making of the improvement in the amount of $832,500, for a <br />total cost of the improvement of $3,355,000. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: <br /> <br />1. Based upon the City Assessment Policies, it is determined that the portion of this improvement to be <br />paid by the City and not assessed to benefited properties is <br />$2,444,600. <br />2. The portion of the cost to be assessed against benefited properties pursuant to the Elk River City <br />Assessment Policies shall be $910,400. <br />3. The assessments shall be payable in equal annual installments and shall extend over a period of ten <br />years, the first of the installments to be payable on or before the first Monday in January, 2008, with <br />interest at the rate of 5.75 % per annum from the date of the adoption of the assessment resolution. <br />4. The City Administrator with the assistance of the Project Engineer shall forthwith calculate the <br />proper amount to be specially assessed for such improvement against every assessable lot, piece, or <br />parcel of land, without regard to cash valuation, as provided by law, and shall have available at the <br />City Administrator's office a copy of the proposed assessment roll for public inspection. <br />5. Upon completion of the proposed assessment roll, the City Administrator shall notify the Council <br />and schedule a public hearing upon the proposed assessment, causing notice of the hearing by <br />publication and mail to be made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 5th day of February, 2007. <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />ATTEST: <br /> <br />Tina Allard, City Clerk <br /> <br />S:\EngineerImprovProj\2007 Improvement Projects \Irving Ave Area \Resolutions \Res determ assessed cost.doc <br />