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RESOLUTION 94-22
RESOLUTION DECLARING COST TO BE ASSESSED AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR
PROJECT #94-01 BRUNSWICK AVENUE, ERIN CIRCLE,
DUBLIN ROAD AND LYONS AVENUE STREET IMPROVEMENTS
MOTION BY:
KEDROWSKI
SECONDED BY:
GREENFIELD
WHEREAS,
an Engineer's Estimate has been prepared and costs have been determined for the
improvements of Proiect 94-01 and the estimated contract price for such improvements is
$434.615.38, and the estimated expenses incurred or to be incurred in the making of such
improvement amount to $130.384.62, so that the total cost of the improvement will be
$565.000.00.
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
Storm Water Utility Fund is hereby declared to be $220.000.00 and and $15.000.00, respectively,
and the portion of the cost to be assessed against benefited property owners is declared to be
$330.000.00.
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% 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 2nd day of May, 1994.
YES
NO
Andren
Greenfield
Kedrowski
Schenck
Scott
{ Seal}
4629 Dakota St. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER