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HomeMy WebLinkAboutCity Council Resolution 2014-092CITY OF PLYMOUTH RESOLUTION No. 2014-092 A RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE MEDINA ROAD AREA EDGE MILL AND OVERLAY PROJECT CITY PROJECT N0. 14014 WHEREAS, estimated costs have been calculated for the Medina Road Area Edge Mill and Overlay Project, City Project No 14014 including the streets south of Medina Road and north of County Road 24 excluding the Bridlewood and Churchill Farms subdivisions, Medina Road from Dunkirk Lane to the City limits, and the cul-de-sacs on Troy Lane and 39th Avenue directly north of Medina Road, and the estimated cost for such improvement is Error! Reference source not found., and the expenses incurred or to be incurred in the making of such improvement amount to Error! Reference source not found. so that the total cost of the improvement will be Error! Reference source not found.. 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 Error! Reference source not found. and the portion of the cost to be assessed against benefited property owners is declared to be Error! Reference source not found.. 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, 2015, and shall bear the interest rate of 2.78% percent for a 5 year term, 4.25% for a 10 year term, or 4.95% 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.