HomeMy WebLinkAboutCity Council Resolution 2023-097
C ITY OF P LYMOUTH
R ESOLUTION N O. 2023-097
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF P ROPOSED
A SSESSMENT FOR THE N ATHAN L ANE A REA P AVEMENT R EHABILITATION P ROJECT (ST249005)
WHEREAS, estimated costs have been calculated for the Nathan Lane Area Pavement
Rehabilitation Project, City Project No. ST249005 including Nathan Lane between 51st Avenue and Bass
Lake Road, 56th Avenue between Nathan Lane and Highway 169 Service Drive, 54th Avenue between
Nathan Lane and Highway 169 Service Drive, and Highway 169 Service Drive between 56th Avenue and
Schmidt Lake Road, and the estimated cost for such improvement is $3,931,000.00, and the expenses
incurred or to be incurred in the making of such improvement amount to $536,000.00 so that the total
cost of the improvement will be $4,467,000.00.
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 $3,368,000.00 and the portion of the cost to be assessed against benefited property
owners is declared to be $1,099,000.00.
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, 2024, and shall bear the interest rate of 2.52% percent for a 5 year term, 2.64% for a
10 year term, or 3.22% 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 30th day of March, 2023.