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WHEREAS <br /> <br />NOW, <br />1. <br /> <br />o <br /> <br />o <br /> <br />RESOLUTION 02- 33 <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 />TRUNK HIGHWAY 10NVACO STREET INTERSECTION <br />SIGNALIZATION IMPROVEMENT OF 2002 <br /> <br />costs have been determined for the Trunk Highway 10/VVaco Street Intersection <br />Signalization improvement consisting of a contract price of $225,000 and <br />expenses incurred or to be incurred by the City in the making of the improvement <br />in the amount of $25,000, for a total cost of the improvement of $250,000. <br /> <br />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 />$218,750. <br /> <br />The portion of the cost to be assessed against benefited properties pursuant to the Elk <br />River City Assessment Policies shall be $31,250. <br /> <br />The assessments shall be payable in equal annual installments and shall extend over a <br />pedod of ten years, the first of the installments to be payable on or before the first <br />Monday in January 2003, with interest at the rate of 5.5% per annum from the date of <br />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 headng by publication and mail to be made at least two weeks pdor to the headng. <br /> <br />Passed and adopted this 15th day of Apdl, 2002. <br /> <br />A'I-i'EST: <br /> <br />Sandra A. Peine, City Clerk <br /> <br />Mayo~' <br /> <br />O:~PROJ~814060J~RESOLUTION 4-10-02 assmt.doc <br /> <br /> <br />