Resolution 03-98 Ordering Assessment

WHEREAS, costs have been determined for the improvement of Tamarack Drive between the east right-of-way line of Spruce Drive and the east right-of-way line of Aspen Lane and also Spruce Drive between the south right-of-way line of Tamarack Drive and the north right-of-way line of Balsam Drive for storm sewer improvements and pavement. The price for such improvement is $120,131.80, and the expenses incurred or to be incurred in the making of such improvement amount to $9,132.80 so that the total cost of the improvement will be $129,264.60.

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 $100,180.16 and the portion of the cost to be assessed against benefited property owners is declared to be $29,084.44.

2. Assessments shall be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable on or before the first Monday in January, 1999, and shall bear interest at the rate of 5.7 percent 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 law, and he shall file a copy of such proposed assessment in his office for public inspection.

4. The clerk shall upon the completion of such proposed assessment, notify the Council thereof.

Adopted by the City Council this 2nd day of February, 1998.