RES 14-016 2014 Street Declaring the Costs

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CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 14-016 A RESOLUTION DECLARING THE COST TO BE ASSESSED AND ORDERING PREPARATION OF THE PROPOSED ASSESSMENTS FOR THE 2014 STREET AND UTILITY IMPROVEMENTS WHEREAS, costs have been determined for the improvement by reconstruction of: • Penrod Lane from 36h Avenue NE to 37`h Avenue NE • Edgemere Avenue from Penrod Lane to Chelmsford Road NE • Wendhurst Avenue from Penrod Lane to Chelmsford Road NE, and the bid price for such an improvement is approximately $2,021,154.23 for Base Bid plus Alternate 1. The total cost of the improvement with engineering, legal, and administrative fees will be approximately $2,191,741.08. 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 Reconstruction improvement to be paid by the City is hereby declared to be approximately $2,014,491.08 and the portion of the cost to be assessed against benefited property owners is declared to be approximately $487,992.62. 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 2015, 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 2e day of January, 2014. erome O. Faust, Mayor Reviewed for administration: Mark Casey, City Mgkager