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HomeMy WebLinkAboutCity Council Resolution 2013-111CITY OF PLYMOUTH RESOLUTION No. 2013-111 A RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE DEERWOOD GLEN Et SWAN LAKE EDGE MILL AND OVERLAY PROJECT CITY PROJECT NO. 13004 WHEREAS, estimated costs have been calculated for the Deerwood Glen & Swan Lake Edge Mill and Overlay Project, City Project No 13004 including the streets south of Schmidt Lake Road, west of Nathan Lane, east of Zachary Lane, and north of and including 45th Ave., excluding Saratoga Lane off of Schmidt Lake Road, 49th Ave. off of Saratoga Lane, and Trenton Lane off of 49th Ave., and including the streets south of Schmidt Lake Road, west of Larch Lane, east of Northwest Blvd. and north of Rockford Road, excluding Rosewood Lane off of Schmidt Lake Road., and the estimated cost for such improvement is Error! Reference source not found., and the expenses incurred or to be incurred in the making of such improvement amount to Error! Reference source not found. so that the total cost of the improvement will be Error! Reference source not found.. 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 hereby declared to be $1,670,893.43 and the portion of the cost to be assessed against benefited property owners is declared to be Error! Reference source not found. 2. Assessments shall be payable in equal annual installments extending over a period of either 5 years, 10 years, or 15 years the first of the installments to be payable on or before the first Monday in January, 2014, and shall bear the interest rate of 2.34% percent for a 5 year term, 2.67% for a 10 year term, or 3.69% for a 15 year term per annum from the date of the adoption of the assessment resolution. 3. The City Cleric, 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 Cleric shall upon completion of such proposed assessment notify the City Council thereof. Approved this 23rd day of April, 2013.