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• <br />• <br />• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 03-162 <br />DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT, WEST SHADOW PONDS PROJECT <br />WHEREAS, bids have been received for the installation of sanitary sewer, water, <br />storm sewer and road improvements for the West Shadow Ponds development; <br />and the bid price for such improvements is $327,809.05, and the expenses <br />incurred or to be incurred in the making of such improvement amount to <br />$144,465.95 so that the cost of the improvement will be $472,275.00. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO <br />LAKES, MINNESOTA: <br />1. The portion of the cost of such improvement to be paid by the city is <br />hereby declared to be $19,975.00 and the portion of the cost to be <br />assessed against benefited property owners is declared to be <br />$452,300.00. <br />2. Assessments shall be payable in equal annual installments extending <br />over a period of 15 years, the first of the installments to be payable on or <br />before the first Monday in January 2004, and shall bear interest at the rate <br />of 7 percent per annum from the date of the adoption of the assessment <br />resolution. <br />3. The city clerk, with the assistance of the city engineer, shall forthwith <br />calculate the proper amount to be specially assessed for such <br />improvement against every assessable lot, piece or parcel of land within <br />the district 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 <br />public inspection. <br />4. The clerk shall upon the completion of such proposed assessment, notify <br />the council thereof. <br />Adopted by the Lino Lakes City Council this 22nd day of September, 2003. <br />n'• <br />John Ber son, Mayor <br />Ann Blair, City Clerk <br />