Resolution27-01 Declaring Costs to be Assessed

WHEREAS, costs have been determined for the improvement of Streets in Exhibit A by overlaying and the contract price for such improvement is $252,080, and the expenses incurred in the making of such improvement amount to $21,725 so that the total cost of the improvement will be $273,805.

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 $83,166 and the portion of the cost to be assessed against benefited property owners is declared to be $190,639.

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 6TH DAY OF AUGUST, 2001.

EXHIBIT A

21st Avenue West From 8th Street South to 9th Street South

Greenwood Lane From Mineral Avenue to Fairview Lane

Old Highway 169 From Slate Street to West

Spruce Drive From County 7 to North Court

Main Street From Slate Street to Mineral Avenue

5th Avenue From County 109 to 2nd Street

Merritt Place From Greenwood Lane to Park Drive

Aspen Lane From Tamarack Drive to Spruce Drive

Balsam Drive From Aspen Lane to Spruce Drive

Mesabi Avenue From Locomotive Street to Agate Street

2nd Street From RR Grade to Parkville Road

Centennial Drive From County 7 to West 25th Avenue

Dottie Lane Centennial Drive to end of cul-de-sac