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CITY OF LINO LAKES <br />RESOLUTION NO. 02-131 <br />RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF <br />PROPOSED ASSESSMENT, WEST SHADOW PONDS <br />WHEREAS, West Shadow Ponds, a contract for the construction of improvements was awarded <br />by the City of Lino Lakes and the cost of the construction is included in the assessment total, and; <br />WHEREAS, additional costs outlined in the Development Agreement have been determined to be <br />$135,619.00 so that the total cost of the improvement to be assessed is $423,435. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, <br />MINNESOTA: <br />1. The portion of the cost of construction of such improvement to be paid by the City is hereby <br />declared to be $19,975.00 and the portion of the cost to be assessed against benefited <br />property owners is declared to be $435,435. <br />2. Assessments shall be payable in equal annual installments extending over a period of fifteen <br />years, the first of the installments to be payable on or before the first Monday in January, <br />2003, and shall bear interest at the rate of 7 percent per annum from the date of the adoption <br />of the assessment resolution. <br />3. The City Clerk, with the assistance of the City Engineer, shall forthwith calculate the proper <br />amount to be specially assessed for such improvement against every assessable lot, piece or <br />parcel of land within 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 public inspection. <br />4. The City Clerk shall upon the completion of such propose assessment , notify the council <br />thereof. <br />Adopted by the council this 23rd day of September, 2 <br />7.Berge <br />Ann Blair, City Clerk <br />, <br />Joh 1 <br />Bergeson, Mayor <br />