HomeMy WebLinkAboutCity Council Resolution 2013-053CITY OF PLYMOUTH
RESOLUTION No. 2013-053
A RESOLUTION DECLARING COST TO BE ASSESSED, AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE
SAGAMORE STREET RECONSTRUCTION PROJECT
CITY PROJECT NO. 13005
WHEREAS, estimated costs have been calculated for the Sagamore Street
Reconstruction Project, City Project No 13005 including Revere Lane N, from 45th Avenue N to
4rd Avenue N, 43rd
3Avenue N from Revere Lane N to Trenton Lane N and from Trenton Lane
North to the cul-de-sac west, Trenton Lane N from 45t1' Avenue N to 44t1' Avenue N, and from
44th Avenue N to 43rd Avenue N, and 44th Avenue N, from Trenton Lane N to Trenton Lane N,
and the estimated cost for such improvement is $1,094,555.00, and the expenses incurred or to
be incurred in the making of such improvement amount to $273,638.75 so that the total cost of
the improvement will be $1,368,193.75.
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 $853,916.25 and the portion of the cost to
be assessed against benefited property owners is declared to be $514,277.50.
2. Assessments shall be payable in equal annual installments extending over a
period of either 5 years, 10 years, or 15 years, the first of the installments to
be payable on or before the first Monday in January, 2013, and shall bear the
interest rate of 2.34% percent for a 5 year term, 2.67% for a 10 year term, or
3.69% for a 15 year term per annum from the date of the adoption of the
assessment resolution.
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 this 26th day of February, 2013.