HomeMy WebLinkAboutCity Council Resolution 2021-033
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-033
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF
P ROPOSED A SSESSMENT FOR THE R IDGEMOUNT A VENUE R EHABILITATION P ROJECT
(ST210002)
WHEREAS, estimated costs have been calculated for the Ridgemount Avenue
Rehabilitation Project, City Project No. ST210002 including Ridgemount Avenue from Vinewood
Lane to County Road 73, and the estimated cost for such improvement is $4,825,000, and the
expenses incurred or to be incurred in the making of such improvement amount to $273,000 so
that the total cost of the improvement will be $5,098,000.
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 $1,865,000 and the portion of the cost to be assessed against benefited property
owners is declared to be $405,000. The portion of the cost of such improvement to be paid by
the City of Minnetonka is $2,828,000.
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, 2022, and shall bear the interest rate of 1.72% percent for a
5 year term, 2.23% for a 10 year term, or 2.51% 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 26th day of January, 2021.