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CITY OF LINO LAKES <br />RESOLUTION NO. 18-105 <br /> <br />RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING <br />PREPARATION OF PROPOSED ASSESSMENT <br />2018 WEST SHADOW LAKE DRIVE AREA STREET RECONSTRUCTION <br /> <br />WHEREAS, the City of Lino Lakes received bids for the 2018 West Shadow Lake Drive Area <br />Street Reconstruction Project on August 21, 2018 and the total project will be $1,753,756.00; 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 Co uncil 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 />$810,413.00 and the portion of the cost to be assessed against benefited property owners is declared <br />to be $943,343.00. <br /> <br />2. Assessments shall be payable in equal annual installments extending over a period of 15 years, <br />the first of the installments to be payable on or before the first Monday in January, 2020 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 file a copy of such proposed assessment in the Clerk’s 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 27th day of August, 2018. <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 <br />