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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />CANABURY DRIVE <br />IMPROVEMENT NO. 2007-02 <br />WHEREAS, <br />Contracts have been let for the improvement of Canabury Drive from County Road B -2 <br />East to Demont Avenue by reconstructed road surface, concrete curb and gutter, and <br />drainage enhancements and the price for such improvement is estimated at $310,000.00 <br />and the expenses incurred in making of such improvement are estimated at $77,500.00 <br />so that the total cost of the improvement is estimated at $387,500.00. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LITTLE <br />CANADA, MINNESOTA: <br />1. The portion of the cost of such improvement to be paid by the City is hereby <br />declared to be $237,500.00 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $150,000.00. <br />2. Assessments shall be payable in equal annual installments extending over a period <br />of ten years, the first of the installments to be payable on or before the first <br />Monday in January, 2008, and shall bear interest at the rate of six and one - quarter <br />percent per annum (6.25 %) from the date of the adoption of the assessment <br />resolution. <br />3. The City Administrator, with the assistance of the City 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 within the district affected, without <br />regard to cash valuation, as provided by law, and he shall file a copy of such <br />proposed assessment in his office for public inspection. <br />4. The City Administrator shall upon the completion of such proposed assessment, <br />notify the Council thereof. <br />Adopted by the Council this 12th day of September, 2007. <br />Attest: <br />William Blesener, Mayor <br />Joel R. Hanson, City Administrator <br />