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3 <br />CITY OF LINO LAKES <br /> <br />RESOLUTION NO. 16-94 <br />RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING <br />PREPARATION OF PROPOSED ASSESSMENT <br />OTTER LAKE ROAD EXTENSION <br /> <br />WHEREAS, a contract has been let for the improvements to Otter Lake Road between Main <br />Street and a point approximately 440 feet northerly of Main Street by street construction, <br />installation of sanitary sewer, water main, storm sewer, traffic control signals and <br />pedestrian/bicycle facilities and the total cost of the improvement, with related expenses, will be <br />$714,561; and <br /> <br />WHEREAS, Minnesota Statute 429.061 provides that the City Council shall determine by <br />resolution the amount of the total expense a municipality will pay other than amount, if any, <br />which it will pay as a property owner and the amount to be specially assessed. <br /> <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes: <br /> <br />1. The City’s share of the total cost of the above-described improvement is hereby declared to be <br />$185,468 and the portion of the cost to be assessed against benefited property owners is declared to <br />be $529,093. <br /> <br />2. Assessments shall be payable in equal annual installments extending over a period of 10 years, <br />the first of the installments to be payable on or before the first Monday in January, 2017 and shall <br />bear interest at the rate of 5 percent per annum from the date of the adoption of the assessment <br />resolution. <br /> <br />3. The City Clerk, with the assistance of the City’s engineer, shall forthwith calculate the proper <br />amount to be specially assessed for such improvement against every assessable lot, piece or parcel <br />of land within the assessment area affected, without regard to cash valuation, as provided by law, <br />and she shall file a copy of such proposed assessment in her office for public inspection. <br /> <br />4. The Clerk shall upon the completion of such proposed assessment, notify the Council thereof. <br /> <br />Adopted by the Council of the City of Lino Lakes this 22nd day of August, 2016. <br /> <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />_______________and was duly seconded by Council Member ________________ and upon <br />vote being taken thereon, the following voted in favor thereof: <br /> <br />The following voted against same: <br />______________________________ <br />Jeff Reinert, Mayor <br />ATTEST: <br /> <br />________________________ <br />Julianne Bartell, City Clerk