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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />STARK STREET <br />IMPROVEMENT NO. 2001 -19 <br />WHEREAS, <br />Contracts have been let for the improvement of' Stark Street from Demont Street to <br />County Road C by road reconstruction, concrete curb and gutter, and drainage <br />enhancements and the price for such improvement is estimated at $259,000 and the <br />expenses incurred in making of such improvement are estimated at $61,000 so that the <br />total cost of the improvement is estimated at $320,000. <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 $216,000 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $104,000. <br />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 />Attes <br />Michael I. Fahey, Mayor <br />Joel R. Hanson, City Administrator <br />4 <br />