25-25 - Resolution - 2025 Street Reconstruction - Pine Haven - Assessments

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CITY OF LINO LAKES RESOLUTION NO. 25-25 RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT 2025 STREET RECONSTRUCTION AND SEWER AND WATER EXTENSION PROJECT WHEREAS, the City of Lino Lakes received bids for the 2025 Street Reconstruction and Sewer and Water Extension Project, Pine Haven, on February 11, 2025 and the total project cost will be $1,604,530.00; 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 $1,124,530.00 and the portion of the cost to be assessed against benefited property owners is declared to be $480,000,00, 2. Assessments shall be payable in equal annual installments extending over a period of 15 years, the first of the installments to be payable on or before the first Monday in January, 2026 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 file a copy of such proposed assessment in the Clerk's 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 241h day of February, 2025. Ro of erty, Mayor ATTEST: Roberta Colotti, CM`C, City Clerk