2019-025 Declaring Cost to be Assessed, and Ordering Preparation of Proposed Assessment CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2019-025
RESOLUTION DECLARING COST TO BE ASSESSED,AND ORDERING
PREPARATION OF PROPOSED ASSESSMENT
WHEREAS, costs have been determined for the improvements along Cambridge Street, Lake
Street Northeast, Van Buren Avenue N, Tyler Avenue N, Hiawatha Avenue, and Oak Park Lane,
including pavement, curbing, sidewalk, signage, drainage, water and sanitary sewer improve-
ments and all necessary appurtenances and the bid price for such improvement is $4,610,065.34,
and the expenses incurred or to be incurred in the making of such improvement including con-
struction contingencies amount to $964,934.66 so that the total cost of the improvement will be
$5,575,000.00.
NOW,THEREFORE,BE IT RESOLVED by the City Council of Hopkins, Minnesota, that:
1. The portion of the cost of such improvement to be paid by the city is hereby declared to
be $4,384,451.58, the portion of the cost to be assessed against benefited property owners
is declared to be$1,190,548.42.
2. Assessments shall be payable in equal annual installments extending over a period of 15
years, the first of the installments to be payable on or after the first Monday in January,
2020, and shall bear interest at the rate 2 percentage points above the true interest cost of
the bonds sold for this project.
3. The city clerk, 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 she shall file a copy of such proposed assessment in her office for public in-
spection.
4. The clerk shall upon the completion of such proposed assessment, notify the council
thereof.
Adopted by the City Council this 19th day of March, 2019.
ason Gadd, Mayor
Amy Domeier, City Clerk