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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />LITTLE CANADA ROAD/McMENEMY STREET PARKING LOT <br />IMPROVEMENT NO. 2001 -05 <br />WHEREAS, <br />Contracts have been let for the improvement of the Little Canada Road /McMenemy <br />Street parking lot by concrete curb and gutter, pavement reconstruction and landscape <br />treatments and the price for such improvement is estimated at $54,730.10 and the <br />expenses incurred in making of such improvement are estimated at $13,682.53 so that the <br />total cost of the improvement is estimated at $68,412.63. <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 $0.00 and the portion of the cost to be assessed against benefited <br />property owners is declared to be $68,412.63. <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, 2002, and shall bear interest at the rate of six and three <br />quarters percent per annum (6.75 %) from the date of the adoption of the <br />assessment 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 12th day of September, 2001. <br />Attest <br />Michael I. Fahey, Mayor <br />Joel R. Hanson, City Administrator <br />Page 1 <br />