Resolution Number 42-08 Declaring Costs

RESOLUTION NUMBER 42-08

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

WHEREAS, costs have been determined for Improvement Number MI07-2, the improvement of Park Ridge Drive from Nichols Avenue to the east edge of Park Ridge Plat in by reconstruction and the contract price for such improvement is $214,360, and the expenses incurred in the making of such improvement amount to $47,699 so that the total cost of the improvement will be $262,059.

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 $235,853 and the portion of the cost to be assessed against benefited property owners is declared to be $26,206.

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, 2009, and shall bear interest at the rate of 8 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, 2008.

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Mayor Gary Skalko
ATTEST:

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City Administrator