HomeMy WebLinkAboutCity Council Resolution 2018-176
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-176
R ESOLUTION D ECLARING C OST TO BE A SSESSED, AND O RDERING P REPARATION OF
P ROPOSED A SSESSMENT FOR THE F ERNBROOK L ANE M ILL AND O VERLAY AND
S CHMIDT L AKE R OAD AT I-494 E XPANSION P ROJECTS
C ITY P ROJECT N OS. ST189002.001 AND ST180003
WHEREAS, estimated costs have been calculated for the Fernbrook Lane Mill
and Overlay and Schmidt Lake Road at I-494 Expansion Projects, City Project Nos
th
189002.001 and ST180003 including Fernbrook Lane from 34 Avenue to Schmidt Lake
Road and Schmidt Lake Road from Fernbrook Lane to CSAH 61, and the estimated cost
for such improvement is $2,090,865.50, and the expenses incurred or to be incurred in
the making of such improvement amount to $364,668.88 so that the total cost of the
improvement will be $2,455,534.38.
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 $2,379,809.60 and the portion of the cost to be assessed
against benefited property owners is declared to be $75,724.78.
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 3.80% 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 May, 2018.