1992-110 Council Resolution - Laserfiche WebLink

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Council Member Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 92 — 110 RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR RESHANAU LAKE TRUNK SEWER IMPROVEMENT WHEREAS: contracts have been awarded for the improvement of the Reshanau Lake Trunk Sewer (sanitary sewer) and the contract price for such improvement is $736,941.23 and the expenses incurred or to be incurred in the making of such improvement amount to $383,733.29, so that said the total of such improvement will be $1,120,674.52. WHEREAS: it is the policy of the City of Lino Lakes to collect area charges, unit charges and front footage charges in the assessment for said improvements, said area charges amount to $189,593.35, said unit charges amount to $199,290.00, and front footage charges amount to $277,547.26 so that the total amount of charges on the present assessment roll will be $666,430.61. WHEREAS: The balance of the cost of the improvement will be paid by future area charges and future unit charges in the amount of $454,243.91. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, MINNESOTA: 1. The portion of the cost of such improvement as represented by the present assessment roll to be assessed against benefited property owners with this assessment roll is declared to be $666,430.61. 2. Assessments shall be payable in equal annual installments extending over a period of fifteen (15) years, the first installments to be payable on or before the first Monday in January, 1993, and shall bear interest at the rate of nine (9.0%) per cent per annum from the date of the adoption of the assessment resolution. 3. The City Clerk, with the assistance of the City Engineer shall forthwith calculate the proper amount to be PAGE 1