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. . . RESOLUTION 06 -56 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 THE STREET OVERLAY IMPROVEMENT OF 2006 WHEREAS costs have been determined for the 2006 Street Overlay improvement consisting of a construction price of $682,500, and expenses incurred or to be incurred by the City in the making of the improvement in the amount of $97,500, for a total cost of the improvement of $780,000. NOW, THEREFORE, BE IT RESOLVED by the City Council of 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 benefited properties is $ -0-. The portion of the cost to be assessed against benefited properties pursuant to the Elk River City Assessment Policies shall be $780,000. The assessments shall be payable in equal annual installments and shall extend over a period of five years, the flrst of the installments to be payable on or before the first Monday in January, 2007, with interest at the rate of 5.50% per annum from the date of the adoption of the assessment resolution. 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 at the City Administrator's off1ce 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. 2. 3. 4. 5. Passed and adopted this 1 st day of May 2006. ATTEST: ~/11. .~ Joan 06-56