Resolution 16-26

RESOLUTION NUMBER 16-26

DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT

WHEREAS, a contract has been let for Improvement Number 04-22, the improvement of Second Street between 16th Avenue and Highway 53 by Road Reconstruction, Alignment and Drainage Improvements and the contract price for such improvement is $124,539.50, and the expenses incurred in the making of such improvement amount to $9150.00 so that the total cost of the improvement will be $133689.50.

NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA:

1. The portion of the cost of such improvement to be paid by the city is hereby declared to be $66,844.75 and the portion of the cost to be assessed against benefited property owners is declared to be $66,844.75.
2. Assessments shall be payable in equal annual installments extending over a period of ten years, the first of the installments to be payable on or before the first Monday in January, 2027, and shall bear interest at the rate of 7.75 percent per annum from the date of the adoption of the assessment resolution.
3. The City Administrator, with the assistance of the consulting 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/she shall file a copy of such proposed assessment in his office for public inspection.
4. The Administrator shall upon the completion of such proposed assessment, notify the council thereof.

DULY ADOPTED BY THE CITY COUNCIL THIS 20^th DAY OF JULY, 2026.

____________________________________

Mayor Peggy Anderson

ATTEST:

__________________________________

City Administrator