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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />SEXTANT AVENUE <br />IMPROVEMENT NO. 2000 -17 <br />WHEREAS, <br />Contracts have been let for the improvement of Sextant Avenue by watermain installation <br />as well as road reconstruction, concrete curb and gutter, and drainage enhancements and <br />the price for such improvement is estimated at $281,000 and the expenses incurred in <br />making of such improvement are estimated at $57,000 so that the total cost of the <br />improvement is estimated at $338,000. <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 $287,000 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $51,000. <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, 2004, and shall bear interest at the rate of five and one -half <br />percent per annum (5.5 %) from the date of the adoption of the assessment <br />resolution. <br />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 />The City Administrator shall upon the completion of such proposed assessment, <br />notify the Council thereof. <br />Adopted by the Council this 24th day of September, 2003. <br />Attest <br />Michael I. Fahey, Mayor <br />Joel R. Hanson, City Administrator <br />3 <br />