HomeMy WebLinkAbout96-23RESOLUTION 96-23
RESOLUTION DECLARING COSTS TO BE ASSESSED AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR
PROJECT 94-02 NORTHWOOD ROAD STREET IMPROVEMENTS
MOTION BY:
KEDROWS~
SECOND BY
SCHENCK
WHEREAS, an Engineer's Estimate has been prepared and costs have been
determined for the improvements of Project 94-02 and the estimated
contract price for such improvements is $880,525.38, and the
estimated expenses incurred or to be incurred in the making of such
improvement amount to $376,974.62 so that the total cost of the
improvement will be $1,25.7,500.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF PRIOR LAKE, MINNESOTA:
The portion of the cost of such improvement is to be paid by the
Trunk Reserve, State Aid Funds, and Collector Street Fund is
hereby declared to be $899,029.52, and the portion of the cost to be
assessed against benefited property owners is declared to be
$358,470.48. The following is a summary of the funding amounts
for the project:
FUND AMOUNT
Municipal State Aid $700,000.00
Trunk Reserve $35,943.49
Street Collector $163,086.03
Assessments $358,470.48
Total Pro~ect Cost $1,257,500.00
o
Assessments shall be payable on an equal principal installment
method extending over a period of 10 years. The first installment
shall be the annual principal plus interest calculated from the
public hearing date to the end of this year plus twelve months of
the next year and shall bear interest at the rate of a minimum of
8% per annum from the date of the adoption of the assessment
resolution.
The City Manager, with the assistance of the City 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,
16200 ~l~.b~eek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
as provided by law, and he shall file a copy of such proposed
assessment in his office for public inspection.
4. The City Manager shall upon the completion of such proposed
assessment, notify the Council thereof.
Passed and adopted this 4th day of March, 1996.
{Seal}
Andren
Greenfield
Kedrowski
Mader
Schenck
YES
X Andren
X Greenfield
.X Kedrowski/~
Frank Boyles/~ //1
CityManag~ _ ////
City of Prio ' L/~L/~
NO
{Sea~
RES9623.DOC