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CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION 10-023 <br />A RESOLUTION DECLARING THE COST TO BE ASSESSED <br />AND ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />WHEREAS, costs have been determined for the improvement by reconstruction or new construction of: <br />1. Street and Utility Reconstruction <br />Silver Lane from Silver Lake Road to 16d' Avenue SW <br />2. Bituminous Mill and Overlay <br />• Old Highway 8 from Highway 88 to 33d Avenue NE <br />• Highcrest Road from 33`d Avenue NE to 37°i Avenue NE <br />3. Sidewalk and Sheet Lighting Improvements <br />• Silver Lane from Stinson Boulevard to 16`I' Avenue SW <br />and the bid price for such an improvement is approximately $768,182.34 and a additional <br />$203,380.00 for street lighting. The total cost of the improvement with administrative fees, <br />bond interest and bond fees will be approximately $1,375,000. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of St. Anthony, Minnesota: <br />1. The portion of the cost of such improvement to be paid by the City is hereby declared to <br />be approximately $1,265,000 and the portion of the cost to be assessed against benefited <br />property owners is declared to be approximately $110,000. <br />2. Assessments shall be payable in equal annual installments extending over a period of 15 <br />years, the first of the installments to be payable on or before the first Monday in 2010, <br />and shall bear interest at the rate of 2 percent (2%) above the City's borrowing rate at the <br />time the bonds are issued. <br />3. The Consulting Engineer shall forthwith calculate the proper amount to be specially <br />assessed for such improvement against every assessable lot, piece or parcel of land <br />within the district affected, without regard to cash valuation, as provided by law, and the <br />City Clerk shall file a copy of such proposed assessment in the office for public <br />inspection. <br />4. The City Clerk shall upon the completion of such proposed assessment, notify the <br />Council thereof. <br />Adopted this 23rd day of February, 2010. <br />ATTEST: <br />City Clerk <br />Reviewed for administration: <br />Mayor <br />City Manager <br />ZACouncil Meetings\2010\02232010\Rcsolution 10-xxx -Order Preparation of Assessments.doc <br />MR <br />