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RESOLUTION 03- 46 <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 />THE PAVEMENT REHABILITATION IMPROVEMENT OF 2003 <br /> <br />WHEREAS <br /> <br />costs have been determined for the Pavement Rehabilitation improvement <br />consisting of a contract pdce of $1,423,000, and expenses incurred or to be <br />incurred by the City in the making of the improvement in the amount of <br />$474,300, for a total cost of the improvement of $1,897,300. <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 />$1,437,300. <br />The portion of the cost to be assessed against benefited properties pursuant to the Elk <br />River City Assessment Policies shall be $460,000. <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of seven or ten years, the first of the installments to be payable on or before the <br />first Monday in January, 2004, 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 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 headng 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 11th day of August, 2003. <br /> <br />Steph~nie A. Klinzing, May <br /> <br />ATTEST: <br /> <br />Patdck D. Klaers, City Administrator <br /> <br />O:\PrOJ\818980J\0564~Res-080703-a13.doc <br /> <br /> <br />