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RESOLUTION 95-78
RESOLUTION DECLARING COSTS TO BE ASSESSED AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR
PROJECT 95-01 RIDGEMONT AVENUE STREET IMPROVEMENTS
MOTION BY: Kedrowski
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
$191 220.08, and the estimated expenses incurred or to be incurred in the making of such
improvement amount to $57 366.02, so that the total cost of the improvement will be
$265 946.10 This total includes a trunk acreage charge of $17.360 to recover trunk sewer
and water expenditures.
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 $26.000.67 and $97036.00
respectively, and the portion of the cost to be assessed against benefited property
owners is declared to be $142 909.43
2. 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.
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, wit~out 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 21st day of August, 1995.
{Seal}
NO
Andren
Greenfield
Kedrowski
Schenck
Scott
YES
X
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X
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X
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X
Frank Boyles
City Manager
City of Prior Lak
RES9578.DOC
16200 Eagle Creek Ave., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER