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RESOLUTION 99-56
RESOLUTION DECLARING COSTS TO BE ASSESSED AND ORDERING PREPARATION OF
PROPOSED ASSESSMENTS FOR PROJECT
99-12 CENTENNIAL STREET IMPROVEMENTS
MOTION BY: Kedrowski
SECOND BY Petersen
WHEREAS, bids have been received and costs have been determined for the improvement of
Centennial Street Project 99-12 and the contract price for such improvements is
$59,085.75 and the expenses incurred or to be incurred in the making of such
improvements amount to $15,924.23, so that the total cost of the improvements will be
$75,009.98.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF PRIOR LAKE,
MINNESOTA:
1. The portion of the cost of such improvements is to be paid by the City is hereby declared to be
$6,005.00 to be drawn from the Trunk Reserve, and the portion of the cost to be assessed against
benefited property owners is declared to be $69,004.98.
2. Assessments shall be payable on an equal principal installment method extending over a period of
10 years for street improvements. 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.
3. The City Manager, with the assistance of the City Engineer shall forthwith calculate the proper
amount to be specially assessed for such improvements against every assessable lot, piece or
parcel of land within the district affected, without regard to cash valuation, 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 7th day of June, 1999.
YES
X
X
X
X
X
NO
Mader
Kedrowski
Petersen
Schenck
Wuellner
{Seal}
Frank Boyle
City Mana
t.~~.creek Ave. S.E., Prior Lake, Minnesota 55372-1714 1 Ph. (612) 447-4230 1 Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER