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Res 2014-60 RESOLUTION NO. 2014-60 RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE STREET IMPROVEMENT PROJECT NO. ST 2014-01 WHEREAS, the costs for the Street Improvement Project No. ST 2014-01 have been estimated to be $1,550,000.00 for the contract price for such improvement and $50,000.00 for expenses incurred in the making of such improvement so that the total estimated cost of the improvement is $1,600,000.00. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF FRIDLEY, MINNESOTA: The portion of the cost of such improvement to be paid by the City is hereby estimated to be $540,395.65, and the portion of the cost to be assessed against benefited property owners is estimated to be $1,059,604.35. Assessments shall be payable in installments extending over a period of 10 years, the first of the installments to be payable on or before the first Monday in January, 2015 and shall bear interest at the rate of 5.25 percent per annum from the date of the adoption of the assessment resolution. The Finance Director, 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 law, and he shall file a copy of such proposed assessment in his office for public inspection. The Finance Director shall upon the completion of such proposed assessment, notify the Council thereof. th PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 8 DAY OF SEPTEMBER, 2014. ________________________________ SCOTT J. LUND - MAYOR ATTEST: _________________________________ DEBRA A. SKOGEN - CITY CLERK