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RESOLUTION 98 -1 ~ 7 <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 MA"II'ER OF <br />EAST ELK RIVER PHASE I IMPROVEMENT OF 1998 <br /> <br />WHEREAS <br /> <br />costs have been determined for the East Elk River Phase I improvement <br />consisting of a contract price of $9,307,328.00 and expenses incurred or to be <br />incurred by the City in the making of the improvement in the amount of <br />$3,056,052.00 for a total cost of the improvement of $12,363,380.00. <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 benefited properties is <br />$7,863,380.00. <br /> <br />The portion of the cost to be assessed against benefited properties pursuant to the Elk <br />River City Assessment Policies shall be $4,500,000.00 <br /> <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of seven to fifteen years, the first of the installments to be payable on or before <br />the first Monday in January, 2000, with interest at the rate of 8.0% per annum from the <br />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 />ATTEST: <br /> <br />Sandra A. Peine, City Clerk <br /> <br />Passed and adopted this 28th day of September, 1998. <br /> <br /> Duitsman, Mayor <br /> <br />O:\PROJ\800110j\0030\ll0-2103.sept. Resolutions.doc <br /> <br /> <br />