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RESOLUTION 89-21
RESOLUTION DECLARING COST TO BE ASSESSED
AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR
Project 89-11 Downtown Street Improvements
MOTION BY
LARSON
SECONDED BY
FITZGERALD
WHEREAS, a contract has been let (costs have been determined) for
improvements of proiect 89-11 and the contract (bid) price for
improvements is $893,500.00, and the expenses incurred or to
incurred in the making of such improvement amount to $223,375.00,
that the total cost of the improvement will be $1,116,875.00,
the
such
be
so
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF PRIOR LAKE,
MINNESOTA:
1. The portion of the cost of such improvement to be paid by the city
is hereby declared to be $574,600.00 and the portion of the cost
to be assessed against benefited property owners is declared to be
$542,275.00.
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-rnterest calculated from the
public hearing date to the end of this year plus the twelve months
of the next year and shall bear interest at the rate of 8 per cent
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 im~rovement against every assessable lot, piece or parcel of
land wlthin the district affected, without regard to cash
valuation, as provided by law, and he shall file a copy of such
proposed assessment in hlS 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
Auqust , 1989.
Andren
Fitzgerald
Larson
Scott
White
YES
X
-y-
X
---X...-
---X-
NO
Andren
Fitzgerald
Larson
Scott
White I
i
{Seal}
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245