2024-017 Resolution Declaring Cost to be Assessed, and Ordering Preparation of Propose Assessment 2024 Street and Utility Improvements City Project 2023-10 CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2024-017
RESOLUTION DECLARING COST TO BE ASSESSED, AND ORDERING
PREPARATION OF PROPOSE ASSESSMENT
2024 STREET AND UTILITY IMPROVEMENTS
CITY PROJECT 2023-10
WHEREAS, costs have been determined for the improvements along 7th Avenue N from
the former HCRRA alley to Minnetonka Mills Road, 8th Avenue N from 2nd Street N to
Minnetonka Mills Road, 3rd Street N from 5th Avenue N to 8th Avenue N, 6th Avenue N
from Mainstreet to 1st Street N, 1st Street N from 5th Avenue N to 8th Avenue N, 2nd
Street N from 5th Avenue N to 8th Avenue N; including pavement, curbing, sidewalk,
signage, drainage, water and sanitary sewer improvements and all necessary
appurtenances, and the bid price for such improvement is $4,768,923.58, and the
expenses incurred or to be incurred in the making of such improvement including soft
costs amount to $1,239,920.13 so the total cost of the improvement will be
$6,008,843.71
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Hopkins
1. The portion of the cost of such improvement to paid by the City is hereby
declared to be $5,239,865.95, the portion of the cost to be assessed again
benefitted property owners is declared to be $768,977.76.
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, 2025, and shall bear interest at the rate 2 percentage points
above the true interest cost of the bonds sold for the project.
3. The city clerk, with the assistance of the city engineer, shall forthwith calculate
the proper amount to be specially assess for such improvement again 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 inspection.
4. The clerk shall upon the completion of such proposed assessment, notify the
council thereof.
Adopted by the City Council of the City of Hopkins this 20th day of February, 2024.
By: ,,.►�i/
'. anion, Mayor
ATT ST:
Amy Domeier, City Clerk