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Council Member Kuether adoption: introduced the following resolutions and moved its CITY OF LINO LAKE RESOLUTION NO. 97-120 Resolution Declaring Cost to be Assessed, and Ordering Preparation of Proposed Assessment, Pheasant Hills, 7th Addition WHEREAS, a contract has been let for the improvement of Pheasant Hills, 7th Addition, by constructing street, curb and gutter, storm sewer, watermain, and sanitary sewer and the contract (bid) price for such improvement is $225,362.50, and the expenses incurred or to be incurred in the making of such improvement amount to $13,081.00, so that the total cost of the improvement will be $238,443.50. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, MINNESOTA: 1. The portion of the cost of such improvement to be paid by the city is hereby declared to be $0.00 and the portion of the cost be assessed against benefited property owners is declared to be $356,447.25. 2. Assessments shall be payable in equal annual installments extending over a period of fifteen years, the first of the installments to be payable on or before the first Monday in January, 1998, and shall bear interest at the rate of 7 percent 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 specially assessed for such improvement against every assessable lot, piece or parcel of land within the district affected, without regard to cash valuation, as provided by law, and he shall file a copy of such proposed assessment in his office for public inspection. 4. The clerk shall upon the completion of such propose assessment , notify the council thereof. Adopted by the council this 8th day of September, 1997. M 'ld n erson Clerk/Treasurer Y Landers, Mayor