HomeMy WebLinkAboutCity Council Resolution 2024-031
C ITY OF P LYMOUTH
R ESOLUTION N O. 2024-031
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF
P ROPOSED A SSESSMENT FOR THE 15 TH A VENUE I MPROVEMENT P ROJECT (ST220003)
WHEREAS, estimated costs have been calculated for the 15th Avenue Improvement
Project, City Project No. ST220003 including 15th Avenue north of South Shore Drive, and the
estimated cost for such improvement is $100,700, and the expenses incurred or to be incurred
in the making of such improvement amount to $15,000 so that the total cost of the
improvement will be $115,700.
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 $46,950 and the portion of the cost to be assessed against benefited property
owners is declared to be $68,750.
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, 2025, and shall bear the interest rate of 3.97% percent for a
5 year term, 4.00% for a 10 year term, or 4.53% 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 23rd day of January, 2024.