HomeMy WebLinkAboutCity Council Resolution 2018-133
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-133
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF
P ROPOSED A SSESSMENT FOR THE S TATE H WY 55 F RONTAGE R OAD R ECONSTRUCTION
P ROJECT (13002)
WHEREAS, estimated costs have been calculated for the State Hwy 55 Frontage
Road Reconstruction Project, City Project No 13002 including the State Hwy 55 Frontage
Road from South Shore Drive to West Medicine Lake Boulevard, and the estimated cost
for such improvement is $1,017,967.25 and the expenses incurred or to be incurred in
the making of such improvement amount to $129,201.11 so that the total cost of the
improvement will be $1,147,168.36.
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 $1,021,932.85 and the portion of the cost to be
assessed against benefited property owners is declared to be $125,235.51.
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 3.22% percent for a 5 year term, 3.54% for a 10 year term, or 3.8% 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 27th day of March, 2018.