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RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT WHEREAS, Costs have been determined for the improvement of Arcade Street between the north line of Keller Parkway and the south line of County Road D by street reconstruction including concrete curb and gutter and storm drainage improvements and incidental water and sanitary sewer services as well as water main on the portion between Keller Parkway and LaBore Road and the contract price for such improvement is $727,171 and the expenses incurred or to be incurred in the making of such improvement amount is $232,679 so that the total cost of the improvement will be $959,850. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LITTLE CANADA, MINNESOTA: 1. The portion of the cost of such improvement to be paid by the City and other sources is hereby declared to be $718,661.65 and the portion of the cost to be assessed against benefited property owners is declared to be $241,188.35. 2. Assessments shall be payable in equal annual installments extending over a period of ten years, the first of the installments to be payable on or before the first Monday in January, 1998, and shall bear interest at the rate of 7.00 percent per annum from the date of the adoption of the assessment resolution. 3. The City Administrator, with the assistance of the City Engineer shall forthwith calculate the proper amount to be specially assessed for such improvement against every assessable lot, piece or parcel of land within the district affected, without regard to cash valuation, as provided by law, and he shall file a copy of such proposed assessment in his office for public inspection. 4. The City Administrator shall upon the completion of such proposed assessment, notify the Council thereof. Adopted by the Council this 8`" day of October, 1997. Attest: Michael I. Fahey, Mayor Joel R. Hanson, City Administrator PAGE 2