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Council Member Kuether introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 96 - 108 <br />RESOLUTION DECLARING COSTS TO BE ASSESSED AND ORDERING <br />PREPARATION OF ASSESSMENT ROLL, LAKE DRIVE (COUNTY ROAD #23) <br />AND T.H. #49 (HODGSON ROAD) INTERSECTION IMPROVEMENT <br />WHEREAS, contracts have been awarded for the improvement of the Lake Drive <br />(County Road #23) and T.H. #49 (Hodgson Road) Intersection and the <br />contract price for such improvement is $1,507,133.21, and <br />WHEREAS, the expenses incurred or to be incurred in the making of such <br />improvement amount to $639,063.10 so that the total cost of the <br />improvement will be $2,226,196.31. <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 hereby <br />declared to be $1,559,913.35 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $666,282.96. <br />2. Assessment shall be payable in equal annual installments extending over a period <br />of fifteen years, the first installment to be payable on or before the first Monday in <br />January, 1997, and shall bear interest at the rate of seven percent (7%) 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 to <br />cash valuation, as provided by law, and she shall file a copy of such assessment in <br />her office for public inspection. <br />4. The City Clerk shall upon the completion of the proposed assessment, notify the <br />City Council thereof. <br />Adopted by the City Council this 9th day of Septe ber, 1996. <br />L. Landers, Mayor <br />