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RESOLUTION 98 - 36 <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 />BUSINESS CENTER DRIVE STREET AND UTILITY IMPROVEMENT OF 1998 <br /> <br />WHEREAS <br /> <br />costs have been determined for the Business Center Drive Street and Utility <br />improvement consisting of a contract price of $430,129.00 and expenses <br />incurred or to be incurred by the City in the making of the improvement in the <br />amount of $120,436.00 for a total cost of the improvement of $550,565.00. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council for 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 benefitted properties is <br />$34,996.00. <br /> <br />The portion of the cost to be assessed against benefitted properties pursuant to the Elk <br />River City Assessment Policies shall be $515,569.00. <br /> <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of 10 years, the first of the installments to be payable on or <br />before the first Monday in January, 1999, with interest at the rate of 6.5 % per annum <br />from the date of the adoption of the assessment resolution. <br /> <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 to the City Administrator's office a copy of the <br />proposed assessment roll for public inspection. <br /> <br />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 <br />the hearing by publication and mail to be made at least two weeks prior to the hearing. <br /> <br />Passed and adopted this 13th day of April, 1998. <br /> <br />ATTE,.~: <br /> <br />San~lra A. Thackeray, City Clerk <br /> <br /> e'nry '. Mayor <br />/~ ~,.~' Duitsman, <br /> <br />O:\PROJ~230321J\321-0901. apr.doc <br /> <br /> <br />