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CITY OF LAKE ELMO WASHINGTON COUNTY STATE OF IVHNNESOTA I; I W.111 k"A 10EMON's U M11 ;all Do U MI-M XM 02 1 HkIN 10 IR] 1,M) F ULM I F W.1144 a W of �-11 N IN 01 Dy N rd 10 1 W It WHEREAS, estimated project costs have been calculated for the Old Village Phase 3 Street and Utility Improvements; and WHEREAS, the estimated total cost of the improvements is $2,052,500. WHEREAS, the City Clerk and City Engineer have prepared the proposed assessment roll and will maintain said assessment roll on file in the City offices for public inspection. 1. The portion of the cost of such street, drainage, and sidewalk improvements to be paid by the City is hereby declared to be $447,075, and the portion of the cost to be assessed against benefited property owners is declared to be $567,225. 2. The portion of the cost of such sanitary sewer improvements to be paid by the City is hereby declared to be $0, and the portion of the cost to be assessed against benefited property owners is declared to be $983,100. 3. The portion of the cost of such watermain improvements to be paid by the City is hereby declared to be $418,063, and the portion of the cost to be assessed against benefited property owners is declared to be $34,837. 4. The City Clerk, with the assistance of the City Engineer, has calculated the proper amount to be specially assessed for such improvements against every assessable lot, piece or parcel of land to be benefited by the improvements, and the Clerk has filed a copy of such proposed assessment in the City offices for public inspection. 5. Assessments shall be payable in equal annual installments extending over 15 years for street and drainage improvements, and 20 years for sanitary sewer improvements, the first of the installments to be payable on or before the first Monday in January, 2019 and shall bear interest at the rate of 3.26 percent per annum from the date of the adoption of the assessment resolution. 6. A public hearing shall be held on the 2nd day of October, 2018, in the Council Chambers of the City Hall at or approximately after 7: 00 P.M. to pass upon such proposed assessment. All persons owning property affected by such improvement will be given an opportunity to be heard with reference to such assessment. 7. The City Clerk is hereby directed to cause a notice of the hearing on the proposed assessment to be published once in the official newspaper at least two weeks prior to the