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RESOLUTION 97 - 11 A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION DETERMINING ASSESSED COST OF IMPROVEMENT AND ORDERING PREPARATION OF PROPOSED ASSESSMENT ROLL IN THE MATTER OF ORONO LAKE 3RD ADDITION IMPROVEMENT OF 1997 WHEREAS costs have been determined for the Orono Lake 3rd Addition improvement consisting of a contract price of $282,200.85 and expenses incurred or to be incurred by the City in the making of the improvement in the amount of $164,021.84 for a total cost of the improvement of $446,222.69. NOW, THEREFORE, BE IT RESOLVED by the City Council for the City of Elk River, Minnesota: 1. Based upon the City Assessment Policies, it is determined that the portion of this improvement to be paid by the City and not assessed to benefitted properties is $61,250.00. 2. The portion of the cost to be assessed against benefitted properties pursuant to the Elk River City Assessment Policies shall be $385,000.00. The assess~nents shall be payable in equal annual installments included and coinciding with real estate tax payments and shall extend over a period of 10 or 15 years. The first of the installments will be included on your 1998 tax statement unless prepaid with interest at the rate of 8 % per annum starting December 1, 1997. The City Administrator with the assistance of the Project Engineer shall forthwith calculate the proper amount to be specially assessed for such improvement against every assessable lot, piece, or parcel of land, without regard to cash valuation, as provided by law, and shall have available to the City Administrator's office a copy of the proposed assessment roll for public inspection. Upon completion of the proposed assessment roll, the City Administrator shall notify the Council and schedule a public hearing upon the proposed assessment, causing notice of the hearing by publication and mail to be made at least two weeks prior to the hearing. Passed and adopted this 27th day of January, 1997.