HomeMy WebLinkAboutCity Council Resolution 2019-345
C ITY OF P LYMOUTH
R ESOLUTION N O. 2019-345
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND
O RDERING P REPARATION OF P ROPOSED A SSESSMENT FOR THE
V ICKSBURG L ANE AND F ERNDALE R OAD P AVEMENT R EHABILITATION P ROJECT
(ST199005)
WHEREAS, estimated costs have been calculated for the Vicksburg Lane and Ferndale Road
Pavement Rehabilitation Project (ST199005) including Vicksburg Lane from State Highway 55 to County
State Aid Highway 6, Ferndale Road from County State Aid Highway 6 to Wayzata Boulevard, 32nd
Avenue from Vicksburg Lane to Ranchview Lane, Ranchview Lane from State Highway 55 to Medina
Road, and 31st Avenue east of Ranchview Lane, and the estimated cost for such improvement is
$4,471,712.24, and the expenses incurred or to be incurred in the making of such improvement amount
to $664,081.83 so that the total cost of the improvement will be $5,135,794.07.
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 $4,655,209.82 and the portion of the cost to be assessed against benefited property
owners is declared to be $480,584.25.
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, 2021, and shall bear the interest rate of 2.67% percent for a 5
year term, 3.00% for a 10 year term, or 3.23% 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 City Clerk shall upon completion of such proposed assessment notify the City Council
thereof.
APPROVED by the City Council on this 10th day of December, 2019.