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RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT LITTLE CANADA ROAD (from I35E to Edgerton Street( IMPROVEMENT NO. 2012-06 WHEREAS, Bids have been received for the improvement of Little Canada Road from I35E to Edgerton Street by reclamation of existing bituminous surface, the addition of concrete curb and gutter, the addition of sidewalk, and storm sewer improvements and the price for such improvement is estimated at $1,284,113.01 and the expenses incurred in making of such improvement are estimated at $321,028.25 so that the total cost of the improvement is estimated at $1,605,141.26. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LITTLE CANADA, MINNESOTA: I . The portion of the cost of such improvement to be paid by the City is hereby declared to be $272,000.00 and the portion of the cost to be assessed against benefited property owners is declared to be $272,000.00. 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, 2014, and shall bear interest at the rate of four and one -half percent per annum (4.50 %) 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 25`h day of September, 2013. Attest: William Blesener, Mayor Joel R Hanson, City Administrator 2