CC RES 03-013 A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERED PREPARATION OF PROPOSED ASSESSMENT

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CITY OF ST. ANTHONY • RESOLUTION 03-013 A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERED PREPARATION OF PROPOSED ASSESSMENT WHEREAS, costs have been determined for the improvement of(1) Edward Street, 33'd Avenue Northeast to 34th Avenue Northeast; (2) 34th Avenue Northeast, Stinson Boulevard to Silver Lake Road; (3) Belden Drive, 33'd Avenue Northeast to 34th Avenue Northeast and the bid price for such improvements is $1,219,931.38, and the total cost of the improvement will be approximately$1,700,000.00. NOW, THEREFORE, BE IT RESOLVED, by the City Council of St. Anthony, Minnesota: (1) The portion of the cost of such improvement to be paid by the City is hereby declared by be $1,336,935.20 and the portion of the cost to be assessed against benefited property owners is declared to be $363,064.80. (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 2004, and shall bear interest at the rate of 2 percent 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 )L4 day of 2003. May ATTEST: City Clerk�"L Reviewed for administration: A Clay fAAaKager CADocuments and Settings\CKroephnU=al Settings\Temporary Intemet Files\OLK31)\F