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CITY OF LAKE ELMO WASHINGTON COUNTY STATE OF MINNESOTA RESOLUTION NO.2023-093 A RESOLUTION DECLARING COST TO BE ASSESSED AND CALLING HEARING ON PROPOSED ASSESSMENT FOR THE 2023 STREET IMPROVEMENTS WHEREAS, estimated total project costs have been calculated for the 2023 Street Improvements including street, drainage and water system improvements; and WHEREAS, the total cost of the public improvements will be $2,615,200. 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. NOW, THEREFORE, BE IT RESOLVED, 1. The portion of the cost of such street and drainage improvements to be covered by the City is hereby declared to be $1,759,800 and the portion of the cost to be assessed against benefited property owners is declared to be $763,500. 2. The portion of the cost of such watermain improvements to be covered by the City is hereby declared to be $91,900 and the portion of the cost to be assessed against benefited property owners is declared to be $0. 3. 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. 4. Assessments shall be payable in equal annual installments extending over 15 years for street and drainage improvements, the first of the installments to be payable on or before the first Monday in January, 2024 and shall bear interest at the rate of 5.5 percent per annum from the date of the adoption of the assessment resolution. 5. A public hearing shall be held on the 17th day of October, 2023, 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. 6. 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 hearing, and she shall state in the notice the total cost of the improvement. She shall also cause mailed notice to be given to the owner of each parcel described in the assessment roll not less than two weeks prior to the hearings. 7. The owner of any property so assessed may, at any time prior to certification of the assessment to the county auditor, pay the entire assessment on such property, with interest