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• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 03-87 <br />DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT <br />ELM STREET RECONSTRUCTION PROJECT <br />WHEREAS, bids have been received for the improvement of Elm Street between Grey <br />Heron Drive and Sunset Avenue by sanitary sewer, water main, street reconstruction, and <br />drainage; and the bid price for such improvements is $1,513,221.79, and the expenses <br />incurred or to be incurred in the making of such improvement amount to $976,778.21 so <br />that the cost of the improvement will be $2,490,000.00. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, <br />MINNESOTA: <br />1. The portion of the cost of such improvement to be paid by the city is hereby <br />declared to be $2,015,384.46 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $474,615.54. <br />2. Assessments shall be payable in equal annual installments extending over a period <br />of 15 years, the first of the installments to be payable on or before the first <br />Monday in January 2004, and shall bear interest at the rate of 7 percent per annum <br />from the date of the adoption of the assessment resolution. <br />3. The city clerk, with the assistance of the city engineer, shall forthwith calculate <br />the proper amount to be specially assessed for such improvement against every <br />assessable lot, piece or parcel of land within the district affected, without regard <br />to cash valuation, as provided by law, and she shall file a copy of such proposed <br />assessment in her office for public inspection. <br />4. The clerk shall upon the completion of such proposed assessment, notify the <br />council thereof. <br />Adopted by the Lino Lakes City Council this . 3rd day of June, 2003. <br />• <br />John J,": ergeso r/ ayor <br />