HomeMy WebLinkAboutCity Council Resolution 2015-128
CP
ITY OF LYMOUTH
RN.2015-128
ESOLUTION O
RDCA,
ESOLUTION ECLARING OST TO BE SSESSED AND
OPPA
RDERING REPARATION OF ROPOSED SSESSMENT FOR THE
VSEMOP(15006)
ICKSBURG OUTH DGE ILL AND VERLAY ROJECT
WHEREAS, estimated costs have been calculated for the Vicksburg South Edge Mill and Overlay
Project, City Project No 15006 including Vicksburg Lane from County Road 6 to Gleason Lake Drive, and
the estimated cost for such improvement is $411,700.50, and the expenses incurred or to be incurred in
the making of such improvement amount to $54,721.35 so that the total cost of the improvement will
be $466,421.85.
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 $403,671.22 and the portion of the cost to be assessed
against benefited property owners is declared to be $62,750.63.
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, 2016, and shall bear the interest
rate of 2.78% percent for a 5 year term, 3.46% for a 10 year term, or 3.78% 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 this 28th day of April, 2015.