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RESOLUTION NO. 8463 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT WHEREAS, a contract has been awarded for Improvement No. 2014-C01, Mustang Drive and Mustang Circle Pavement Rehabilitation and Drainage Improvements, which includes Mustang Drive between Old Highway 8 and Mustang Circle and Mustang Circle between Mustang Drive and the northern cul-de-sac, and; WHEREAS, the total project cost for such improvement is $443,166.80. NOW, THEREFORE, BE IT RESOLVED by City Council of the City of Mounds View, Ramsey County, Minnesota that the City of Mounds View that: 1. The portion of the cost of such improvement to be paid by the city is hereby declared to be $387,910.80 and the portion of the cost to be assessed against benefited property owners is declared to be $45,256.00. 2. Assessments shall be payable in equal semi-annual installments extending over a period of 10 years, the first of the installments to be payable with the first half of property taxes (May 15, 2016) and shall bear interest at the rate of 5.5% per annum from the date of adoption of the assessment resolution. 3. 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 engineer shall upon the completion of such proposed assessment, notify the council thereof. Adopted this 12th day of October, 2015 Joe Flaherty, Mayor ATTEST: James Ericson, City Administrator (SEAL)