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RESOLUTION 03- 32 <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 />BOSTON STREET AND CONCORD STREET IMPROVEMENT OF 2003 <br /> <br />WHEREAS <br /> <br />costs have been determined for the Boston Street and Concord Street <br />improvement consisting of a contract price of $353,613.90, and expenses <br />incurred or to be incurred by the City in the making of the improvement in the <br />amount of $107,852.29, for a total cost of the improvement of $461,466.14. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: <br /> <br />o <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 />$99,354.47. <br />The portion of the cost to be assessed against benefited properties pursuant to the Elk <br />River City Assessment Policies shall be $361,111.67. <br />The assessments shall be payable in equal annual installments and shall extend over a <br />period of 15 or 20 years, the first of the installments to be payable on or before the first <br />Monday in January, 2004, with interest at the rate of 5.5% per annum from the date of <br />the adoption of the assessment resolution. <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 at the City Administrator's office a copy of the <br />proposed assessment roll for public inspection. <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 12 day of May, 2003. <br /> <br />Sandra A. Peine, City Clerk <br /> <br />"" Ste~anie A. Klinzing, Mayor~--'/ ' <br /> <br />S:'~DMI N\Resolutions~003 Resolutions\Unapproved\BostonConcordDeterminCost.doc <br /> <br /> <br />