02-033 RESWHEREAS
NOW,
1.
o
o
RESOLUTION 02- 33
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION DETERMINING ASSESSED COST OF
IMPROVEMENT AND ORDERING PREPARATION OF
PROPOSED ASSESSMENT ROLL IN THE MATTER OF
TRUNK HIGHWAY 10NVACO STREET INTERSECTION
SIGNALIZATION IMPROVEMENT OF 2002
costs have been determined for the Trunk Highway 10/VVaco Street Intersection
Signalization improvement consisting of a contract price of $225,000 and
expenses incurred or to be incurred by the City in the making of the improvement
in the amount of $25,000, for a total cost of the improvement of $250,000.
THEREFORE, BE IT RESOLVED by the City Council for the City of Elk River, Minnesota:
Based upon the City Assessment Policies, it is determined that the portion of this
improvement to be paid by the City and not assessed to benefited properties is
$218,750.
The portion of the cost to be assessed against benefited properties pursuant to the Elk
River City Assessment Policies shall be $31,250.
The assessments shall be payable in equal annual installments and shall extend over a
pedod of ten years, the first of the installments to be payable on or before the first
Monday in January 2003, with interest at the rate of 5.5% per annum from the date of
the adoption of the assessment resolution.
The City Administrator with the assistance of the Project Engineer shall forthwith
calculate the proper amount to be specially assessed for such improvement against
every assessable lot, piece, or parcel of land, without regard to cash valuation, as
provided by law, and shall have available to the City Administrator's office a copy of the
proposed assessment roll for public inspection.
Upon completion of the proposed assessment roll, the City Administrator shall notify the
Council and schedule a public hearing upon the proposed assessment, causing notice of
the headng by publication and mail to be made at least two weeks pdor to the headng.
Passed and adopted this 15th day of Apdl, 2002.
A'I-i'EST:
Sandra A. Peine, City Clerk
Mayo~'
O:~PROJ~814060J~RESOLUTION 4-10-02 assmt.doc