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CITY OF LINO LAKES RESOLUTION NO. 16-94 RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT OTTER LAKE ROAD EXTENSION WHEREAS, a contract has been let for the improvements to Otter Lake Road between Main Street and a point approximately 440 feet northerly of Main Street by street construction, installation of sanitary sewer, water main, storm sewer, traffic control signals and pedestrian/bicycle facilities and the total cost of the improvement, with related expenses, will be $714,561; and WHEREAS, Minnesota Statute 429.061 provides that the City Council shall determine by resolution the amount of the total expense a municipality will pay other than amount, if any, which it will pay as a property owner and the amount to be specially assessed. NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes: 1. The City's share of the total cost of the above-described improvement is hereby declared to be $185,468 and the portion of the cost to be assessed against benefited property owners is declared to be $529,093. 2. Assessments shall be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable on or before the first Monday in January, 2017 and shall bear interest at the rate of 5 percent per annum from the date of the adoption of the assessment resolution. 3. The City Clerk, with the assistance of the City's 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 assessment area affected, without regard to cash valuation, as provided by law, and she shall file a copy of such proposed assessment in her office for public inspection. 4. The Clerk shall upon the completion of such proposed assessment, notify the Council thereof. Adopted by the Council of the City of Lino Lakes this 22nd day of August, 2016. The motion for the adoption of the foregoing resolution was introduced by Council Member Kusterman and was duly seconded by Council Member Maher vote being taken thereon, the following voted in favor thereof: Kusterman, Maher, Manthey, Rafferty, :-inert The following voted against same: none AT 1'LST: e Bartell, Ci9V Cler 3 and upon Jeff Reinert, M. y