RES 13-021 Costs to be Assessed for 2013 Street Project

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CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 13-021 A RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPARATION OF THE PROPOSED ASSESSMENTS FOR THE 2013 STREET AND UTILITY IMPROVEMENTS WHEREAS, costs have been determined for the improvement by reconstruction of Edward Street from 35h Avenue NE to 36`" Avenue NE 36'" Avenue NE from Roosevelt Street to Silver Lake Road and the bid price for such an improvement is approximately $1,311,446.62. The total cost of the improvement with engineering, legal, and administrative fees will be approximately $1,803,196.62. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of St. Anthony Village that: 1. The portion of the cost of such improvement to be paid by the City is hereby declared to be approximately $1,423,996.22 and the portion of the cost to be assessed against benefited property owners is declared to be approximately $379,200.40 2. Assessments shall be payable in equal annual installments extending over a period of 15 years, the first of the installments to be payable on or before the first Monday in 2014, and shall bear interest at the rate of 2 percent (2%) above the City's borrowing rate at the time the bonds are issued. 3. The Consulting 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 the City Clerk shall file a copy of such proposed assessment in the office for public inspection. 4. The City Clerk shall upon the completion of such proposed assessment, notify the Council thereof. Adopted this 22"d day of January, 2013. erome O Faust, Mayor ATTEST: %W&O Barbara J Suciu, City Jerk Reviewed for administration: ak Mark Casey, City Manager