HomeMy WebLinkAboutCity Council Resolution 2020-102
C ITY OF P LYMOUTH
R ESOLUTION N O. 2020-102
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND
O RDERING P REPARATION OF P ROPOSED A SSESSMENT FOR THE
S CHMIDT L AKE R OAD AND Z ACHARY L ANE
P AVEMENT R EHABILITATION P ROJECT (ST209005)
WHEREAS, estimated costs have been calculated for the Schmidt Lake Road and Zachary Lane Pavement
Rehabilitation Project (ST209005) including Schmidt Lake Road from Northwest Boulevard to Nathan Lane,
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Zachary Lane from Rockford Road to Bass Lake Road, Pineview Lane from Schmidt Lake Road to 53 Avenue, and
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Niagara Lane south of 45 Avenue, and the estimated cost for such improvement is $5,419,034.75, and the
expenses incurred or to be incurred in the making of such improvement amount to $812,855.21 so that the total
cost of the improvement will be $6,231,889.96.
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
$6,081,023.04 and the portion of the cost to be assessed against benefited property owners is
declared to be $150,866.92.
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 24th day of March, 2020.