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70 <br />CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION 11-014 <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 />Street and Utility Reconstruction <br />■ Belden Drive from 37th Avenue NE to 36th Avenue NE <br />• Coolidge Street NE from 37th Avenue NE to 36th Avenue NE <br />• Harding Street NE from 37th Avenue NE to 36th Avenue NE <br />■ Edward Street NE from 37°i Avenue NE to 36th Avenue NE, <br />2. Concrete Sidewalk Construction <br />• 39th Avenue NE from Macalaster Drive to Silver Lake Road <br />and the bid price for such an improvement is approximately $1,379,353.69. The total cost of <br />the improvement with administrative fees, bond interest and bond fees will be approximately <br />$1,940,000. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of St. Anthony, Minnesota: <br />I. The portion of the cost of such improvement to be paid by the City is hereby declared to <br />be approximately $1,551,000 and the portion of the cost to be assessed against benefited <br />property owners is declared to be approximately $389,000. <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 2012, <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 11th day of Janes, 2011. <br />ATTEST: <br />City Clerk <br />Reviewed for administration: <br />Mayor <br />City Manager <br />