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RESOLUTION 09-017 <br />12 <br />A RESOLUTION DECLARING TIE COST TO BE ASSESSED <br />AND ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />WHEREAS, costs have been determined for the improvement of: <br />1. Chandler Drive from County Road D to Foss Road. <br />2. Foss Road from Chandler Drive to City limits. <br />and the bid price for such an improvement is $1,866,868, and a additional <br />$176,000 for street lighting. 'Che total cost of the improvement with administrative <br />fees, bond interest and bond fees will be approximately $2,700,000. <br />NOW, THEREFORE, BE 1T RESOLVED, by the City Council of the City of St. Anthony: <br />The portion of the cost of such improvement to be paid by the City is hereby <br />declared to be approximately $2,100,000, and the portion of the cost to be <br />assessed against benefited property owners is declared to be approximately <br />$600,000. <br />2. Assessments shall be payable in equal annual installments extending over a <br />period of 15 years, the first of the installments to be payable on or before the <br />first Monday in 2010, and shall bear interest at the rate of 2 percent (2%) <br />above the City's borrowing rate at the time the bonds are issued. <br />The Consulting Engineer shall forthwith calculate the proper amount to be <br />specially assessed for such improvement against every assessable lot, piece or <br />parcel of land within the district affected, without regard to cash valuation, as <br />provided by law, and the City Clerk shall file a copy of such proposed <br />assessment in the office for public inspection. <br />4. The City Clerk shall upon the completion of such proposed assessment, notify <br />the Council thereof. <br />K:A0162647AAdminARtsnlwionsVI2csoLrtion 09-017.doc <br />