CC RES 09-017 RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPERATION OF PROPOSED ASSESSMENT

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i i O ' CITY OF ST. ANTHONY RESOLUTION 09-017 I A RESOLUTION DECLARING THE COST TO BE ASSESSED , AND ORDERING PREPARATION OF PROPOSED ASSESSMENT WHEREAS, costs have been determined for the improvement of: 1. Chandler Drive from County Road D to Foss Road. 2. Foss Road from Chandler Drive to City limits. and the bid price for such an improvement is $1,866,868, and a additional $176,000 for street lighting. The total cost of the improvement with administrative fees, bond interest and bond fees will be approximately $2,700,000. 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 approximately $2,100,000, and the portion of the cost to be assessed against benefited property owners is declared to be approximately O $600,000. 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 2010, 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. O K.\01626-37\Admin\Resolutions\Resolution 09-017 doc