CC RES 05-016 RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPERATION OF PROPOSED ASSESSMENT

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• CITY OF ST. ANTHONY RESOLUTION 05-016 A RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT WHEREAS, costs have been determined for the improvement of: 1. St. Anthony Road 2. Roosevelt Street from 315` Avenue to 33`d Avenue 3. Edwards Street from 3151 Avenue to 32 n' Avenue 4. Edwards Street from St. Anthony Road to 33`d Avenue 5. 3151 Avenue from Stinson Boulevard to Wilson Street 6. Roosevelt Court and the bid price for such an improvement is $1,311,115.72, and the total cost of the improvement will be approximately $1,800,000. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of St. Anthony: 1. The portion of the cost of such improvement to be paid by the City is hereby declared to be $1,460,000, and the portion of the cost to be assessed against • benefited property owners is declared to be approximately $340,000. 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 2006, 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. • F I WPWIM1065-951RESOLUTIONSIRES 05-t"b-Cost and Assessmem-112904 doc