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<br />RESOLUTION #87-20 <br /> <br />WHEREAS, a contract has been let for the improvement of Peltier <br />Lake Drive, Mill Road, Center Street, Shad Avenue, Tourville <br />Circle, Centerville Road and Peltier Lake Drive by street <br />reconstruction and the contract price for such improvement is <br />$420,324.66, and expenses incurred or to be incurred in the <br />making of such improvement amount to $161,179.52 so that the cost <br />of the improvement will be $581,504.18. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CENTERVILLE, MINNESOTA; <br /> <br />1. The portion of the cost of such improvement to be paid by the <br />city is hereby declared to be $0.00 and the portion of the cost <br />to be assessed against benefited property owners is declared to <br />be $581,504.18. <br /> <br />2. Assessments shall be payable <br />extending over a period of <br />installments to be payable on or <br />January, 1988, and shall bear an <br />per annum from the date of the <br />resolution. <br /> <br />in equal annual installments <br />15 years, the first of the <br />before the first Monday in <br />interest rate of 8.3 per cent <br />adaption of the assessment <br /> <br />3. The City Clerk, with the assistance of the City Engineer shall <br />forthwith calculate the proper amount to be specially assessed <br />for such improvement against every assessable lot, piece or <br />parcel of land within the district affected, without regard to <br />cash valuation, as provided by law, and she shall file a copy of <br />such proposed assessment in her office for public inspection. <br /> <br />4. The Clerk shall upon the completion of <br />assessment, notify the Council thereof. <br /> <br />such proposed <br /> <br />Adapted by the Council this 12th day of August, 1987. <br /> <br />(~ /<, <br /> <br />Mayor <br /> <br />~/~~ <br /> <br />ATTEST: <br /> <br />~/n1Cf/l~ ~1~~,iI <br />C erk/Treas e . <br />