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RESOLUTION 95-39
RESOLUTION DECLARING COSTS TO BE ASSESSED AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR
PROJECT 95-01 RIDGEMONT AVENUE STREET IMPROVEMENTS
MOTION BY: Andren
WHEREAS,
SECONDED BY' Scott
an Engineer's Estimate has been prepared and costs have been determined for the improvements
ofProiect 95-01 and the estimated contract price for such improvements is $226700.00, and the
estimated expenses incurred or to be incurred in the making of such improvement amount to
$68000.00, so that the total cost of the improvement will be $294.700.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF PRIOR LAKE,
MINNESOTA:
1. The portion of the cost of such improvement is to be paid by the City's Ad Valorem Tax
Levy and Trunk Reserve is hereby declared to be $32 590.00, and $112.682.00
respectively, and the portion of the cost to be assessed against benefited property owners
is declared to be $149 42800.
2. Assessments shall be payable on an equal principal installment method extending over a
period of lQ 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% and not more than 1%
above the net effective interest rate of the bond issuance 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 improvement 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 15 day of May, 1995.
{Seal}
YES
NO
Andren
Greenfield
Kedrowski
Schenck
Scott
16200 Eagle Creek Ave., Prior Lake, Minnesota 55372-1714 1 Ph. (612) 447-4230 1 Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER