HomeMy WebLinkAboutCity Council Resolution 2017-158
C ITY OF P LYMOUTH
R ESOLUTION N O. 2017-158
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND
O RDERING P REPARATION OF P ROPOSED A SSESSMENT FOR THE
2017 C ONTRACTOR M ILL & O VERLAY P ROJECT (ST179004.001)
WHEREAS, estimated costs have been calculated for the 2017 Contractor Mill & Overlay Project
(ST179004.002) including the streets south and west of State Highway 55, east of Interstate 494 and
north of and including 16th Avenue, excluding County Road 6 and 61, and the estimated cost for such
improvement is $878,290.49, and the expenses incurred or to be incurred in the making of such
improvement amount to $83,384.06 so that the total cost of the improvement will be $961,674.55.
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 declared
to be $536,413.82 and the portion of the cost to be assessed against benefited property
owners is declared to be $425,260.73.
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, 2018, and shall bear the interest rate of 3.40% percent for a 5
year term, 3.88% for a 10 year term, or 4.19% 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 25th day of April, 2017.