HomeMy WebLinkAboutCity Council Resolution 2016-079
C ITY OF P LYMOUTH
R ESOLUTION N O. 2016-079
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND
O RDERING P REPARATION OF P ROPOSED A SSESSMENT FOR THE
P ONDEROSA S TREET R ECONSTRUCTION P ROJECT (16008)
WHEREAS, estimated costs have been calculated for the Ponderosa Street Reconstruction
Project, City Project No 16008 including Garland Lane north of 25th Avenue, Fountain Lane north of 25th
Avenue, 27th Avenue west of Fountain Lane, and 60 feet of Everest Lane east of Fountain Lane, and the
estimated cost for such improvement is $1,086,071.00, and the expenses incurred or to be incurred in
the making of such improvement amount to $162,910.65 so that the total cost of the improvement will
be $1,248,981.65.
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 $871,253.34 and the portion of the cost to be assessed
against benefited property owners is declared to be $377,728.31.
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, 2017, and shall bear the interest rate of
2.89% percent for a 5 year term, 3.52% for a 10 year term, or 3.85% 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 on this 8th day of March, 2016.