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2008-034 CITY OF HOPKINS IIENNEPIN COUNTY, MINNESOTA RESOLUTION 2008-034 RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING PREPARATION OF PROPOSED ASSESSMENT WHEREAS, costs have been determined for the improvement of Minnetonka Mills Road be- tween 5th Avenue South and Hwy 169, 2nd Street NE from Hwy 169 and Blake Road, and St. Louis Street, and the bid price for such improvement is $1,033,733.83, and the expenses incurred or to be incurred in the making of such improvement amount to $387,650.17 so that the total cost of the improvement will be $1,421,384. 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 $1,188,979.77 and the portion of the cost to be assessed against benefited property owners is declared to be $232,404.23. 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 after the first Monday in January, 2009, and shall bear interest at the rate of 7 percent per annum from the date of the adop- tion of the assessment resolution. 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 he shall file a copy of such proposed assessment in his 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 20th day of May, 2008. ~~ Eu e J. axwell, Mayor \\hsa\engineering\Resolutions\2008\R2008-034 Prepare Assessments 2008 Street Imp.doc