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DSO UTION - 036 <br />. RESOLUTION FOR THE CITY of ELK RIVER <br />. RESOLUTION DETERMINING ASSESSED COST of <br />IMPROVEMENT AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT ROL IN THE MATTER of <br />BITUMINOUS OVERLAY IMPROVEMENT OF 2008 <br />WHEREAS, costs have been determined for the 2008 I it n-� o s Overlay improvement consisting of a <br />contract price of $570,240, and expenses incurred or to be incurred by the City in the <br />making of the improvement in die amount of $77,760, for a total of die improvement of <br />$048,000. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River lVfinnesota: <br />Based upon the City Assessment Policies, it is detern-�ned that die portion of des improvement to be <br />paid by the City and not assessed to benefited properties is $-0-. <br />. The portion of the cast to be assessed against benefited properties pursuant to the Elk- River City <br />Assessment c e shall be $648,,000. <br />3. The assessments shall be payable in equal annual installments and shaft extend over a period of five <br />years, the first of die installments to be payable on or before the fist Monday in arena r , '2009, With <br />interest at die rate of ,0% per annum from die date of die adoption of die assessment resolution. <br />4. The City Administrator with the assistance of the Project Engineer shaH fordwith calculate the <br />proper amount to be specially assessed for such improvement ag ,nst every assessable lot, piece, or <br />Parcel of land, Nvidio t regard to cash valuation, as provided by law, and shall have available at the <br />City Administrator's office a copy* of dhe proposed assessment roll for public ins ecdo . <br />5. Upon completion of the proposed assessment roll, the City Administrator shall nod r the Cou c <br />and schedule a public hearing upon the proposed assessment, causing notice of the hearing by <br />publication and mail to be made at least two weeks prior to die hearing. <br />Passed and ado ted this 1 di day of May, 2008. <br />TS`: <br />.r <br />Tina Allard, City Clerk <br />Ste ha re A. K"En ing, a y yor <br />:\En inccrlm rovProj�200 improvement Pro)cctA2008 Bituminous vUr1.'1y\R qo)u on.q\ Dctcr assessed c st.doc <br />