HomeMy WebLinkAboutCity Council Resolution 2019-081
C ITY OF P LYMOUTH
R ESOLUTION N O. 2019-081
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF
P ROPOSED A SSESSMENT FOR THE C ANDLELIGHT T ERRACE S TREET R ECONSTRUCTION
P ROJECT
C ITY P ROJECT N O. ST199001
WHEREAS, estimated costs have been calculated for the Candlelight Terrace
Street Reconstruction Project, City Project No. ST199001 including the streets east of
CSAH 101, south of 30th Avenue, west of Jewel Lane, and north of 25th Avenue
excluding 125 feet of 27th Avenue immediately west of Jewel Lane and 150 feet of Olive
Lane immediately north of 25th Avenue, and the estimated cost for such improvement
is $2,336,250.90, and the expenses incurred or to be incurred in the making of such
improvement amount to $350,437.64 so that the total cost of the improvement will be
$2,686,688.54.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA:
1. The portion of the cost of such improvement to be paid by the City of
Plymouth is declared to be $1,872,718.46 and the portion of the cost to be assessed
against benefited property owners is declared to be $813,970.08.
2. Assessments shall be payable in equal annual installments extending over a
period of either 5 years, 10 years, or 15 years with the first of the installments to be
payable on or before the first Monday in January, 2018, and shall bear the interest rate
of 3.33% percent for a 5 year term, 3.70% for a 10 year term, or 4.08% for a 15 year
term per annum from the date of the adoption of the assessment resolution.
3. The City Clerk, 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 the law, and shall file a copy of such proposed
assessment in the office for public inspection.
4. The Clerk shall upon completion of such proposed assessment notify the
City Council thereof.
APPROVED by the City Council on this 12th day of March, 2019.