HomeMy WebLinkAboutCity Council Resolution 2012-041CITY OF PLYMOUTH
RESOLUTION No. 2012-041
A RESOLUTION DECLARING COST TO BE ASSESSED, AND
ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE
2012 STREET RECONSTRUCTION PROJECT, CIRCLE PARK
CITY PROJECT NO. 12001
WHEREAS, estimated costs have been calculated for the 2012 Street Reconstruction
Project, Circle Park, City Project No 12001 including Shenandoah Lane N, south of County
Road 6, 9th Avenue N, from Shenandoah Lane N to Kingsview Lane N, including Minnesota
Lane N, Niagara Lane N from Gleason Lake Drive to 9t1' Avenue, Lanewood Lane N from
Gleason Lake Drive to 9th Avenue, and Juneau Lane N from Gleason Lake Drive to 4t1' Avenue
N, and the estimated cost for such improvement is $2,282,478.38, and the expenses incurred or
to be incurred in the making of such improvement amount to $570,619.60 so that the total cost of
the improvement will be $2,853,097.98.
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 $1,781,683.95 and the portion of the cost to
be assessed against benefited property owners is declared to be $1,071,414.03.
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 2.44% percent for a 5 year term, 3.37% for a 10 year term, or
4.34% 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 this 24th day of January, 2012.