RES 17-022 DECLARING THE COST TO BE ASSESSED AND ORDERING PREPARATION OF THE PROPOSED ASSESSMENTS FOR THE 2017 STREET AND UTILITY IMPROVEMENTS

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CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 17 -022 A RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPARATION OF THE PROPOSED ASSESSMENTS FOR THE 2017 STREET AND UTILITY IMPROVEMENTS WHEREAS, costs have been determined for the improvement of Street & Utility Reconstruction • Penrod Lane from 36h Avenue NE to Skycroft Drive • Skycroft Drive from Penrod Lane to Maplewood Drive • Maplewood Drive from Skycroft Drive to Highcrest Road NE (including adjacent cul- de -sacs) • Chelmsford Road from 36'h Avenue NE to Maplewood Drive Bituminous Mill and Overlav • Silver Lake Court from Silver Lane to the cul -de -sac. and the bid price for such an improvement is approximately $2,320,300. The total cost of the improvement with contingencies, engineering, legal, and administrative fees will be approximately $3,010,400. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of St. Anthony Village that: 1. The portion of the cost of the proposed Street and Utility Improvement Project to be paid by the City is hereby declared to be approximately $2,410,400 and the portion of the cost to be assessed against benefited property owners is declared to be approximately $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 2018, 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 24th day of January, 2017. ATTEST: Nicoll Miller, City Cle k Reviewed for administration: J rome O Faust, Mayor (.lam Mark Casey, City M nager