Resolution 36-01 Declaring Costs

WHEREAS, a contact has been let for the improvement of Marble Avenue between Locomotive Street and Granite Street and Garden Drive between Greenwood Lane and Park Drive by reconstruction and the contract price for such improvement is $204,843, and the expenses incurred in the making of such improvement amount to $30,541 so that the total cost of the improvement will be $235,384.

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

1. The portion of the cost of such improvement to be paid by the City is hereby declared to be $58,846 and the portion of the cost to be assessed against benefited property owners is declared to be $176,538.

2. Assessments shall be payable in equal installments extending over a period of ten (10) years, the first installments to be payable on or before the first Monday in January, 2002, and shall bear interest at the rate of eight percent per annum from the date of 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 Administrator shall upon the completion of such proposed assessment notify the Council thereof.

DULY ADOPTED BY THE CITY COUNCIL THIS 4TH DAY OF SEPTEMBER, 2001.