Resolution Number 24-15 Declaring Costs
RESOLUTION NUMBER 24-15
DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT
WHEREAS, costs have been determined for Improvement Number 14-02, the proposed improvement of Silicon Drive between the centerline of the proposed County Road 102 to the end of Silicon Drive by paving, the improvement of Rock Ridge Drive between Park Ridge Drive and Highway 169 by reconstruction and the improvement of Fairview Lane between Mineral Avenue and Greenwood Lane by overlay and the contract price for such improvement is $317,207.45, and the expenses incurred in the making of such improvement amount to $44,761.04 so that the total cost of the improvement will be $367,968.49.
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 $156,304.58 and the portion of the cost to be assessed against benefited property owners is declared to be $205,663.91.
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, 2016, and shall bear an interest rate at two percent above the going prime rate 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 5th DAY OF OCTOBER, 2015.
Mayor Gary Skalko