Resolution 32-03 Preparation of Assessment Role

WHEREAS, costs have been determined for the improvement of improvement of those streets identified in Exhibit A by overlayment or reconstruction and the contract price for such improvement is $179,330 and the expenses incurred or to be incurred in the making of such improvement amount to $25,235 so that the total cost of the improvement will be $204,567.

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 $99,756 and the portion of the cost to be assessed against benefited property owners is declared to be $104,811.

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, 2004, and shall bear interest at the rate of eight percent per annum from the date of the adoption of the assessment Resolution.

3. The City Administrator, 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 City Administrator shall upon the completion of such proposed assessment, notify the City Council thereof.

DULY ADOPTED BY THE CITY COUNCIL THIS 15th DAY OF SEPTEMBER, 2003.

EXHIBIT A

Jasmine Street from County Road 7 to Aster Avenue

Gardenia Street from County Road 7 to Bluebell Avenue

Aster Avenue from Unity Drive to Jasmine Street

Daisy Avenue from Marigold Street to Gardenia Street

Bluebell Avenue from Jasmine Street to Gardenia Street

Carnation Avenue from Jasmine Street to Gardenia Street

Marigold Street from County Road 7 to Bluebell Avenue

Daffodil Avenue from Marigold Street to Gardenia Street

Unity Drive from Enterprise Drive South to Mud Lake Road

Unity Drive from County Road 7 to Enterprise Drive South