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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />LITTLE CANADA ROAD <br />IMPROVEMENT NO. 96 -1 <br />WHEREAS, <br />Contracts have been let for the improvement of Little Canada Road between Rice Street <br />on the west and County Road C on the east by road reconstruction, concrete curb and <br />gutter, storm drainage and ponding, streetscape amenities, burying of overhead power <br />lines, upgrade of railroad crossings, sanitary sewer rehabilitation, and right -of -way <br />acquisition and the price for such improvement is estimated at $2,151,644 and the <br />expenses incurred in making of such improvement are estimated at $505,356 so that the <br />total cost of the improvement is estimated at $2,657,000. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LITTLE <br />CANADA, MINNESOTA: <br />1. Ramsey County is paying approximately $1,250,000 of the cost of said <br />improvements. The portion of the cost of such improvement to be paid by the <br />City is hereby declared to be $883,077.85 and the portion of the cost to be <br />assessed against benefited property owners is declared to be $523,922.15. <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, 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 />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 11th day of July, 2001. <br />Attest: <br />Michael I. Fahey, Mayor <br />PAGE 8 <br />