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City Council Resolution 2007-73CITY. OF MONTICELLO RESOLUTION NO. 2007-73 DECLARING COST TO BE ASSESSED, RECEIVING THE PROPOSED ASSESSMENT AND SETTING A PUBLIC BEARING DA'L'E 2007 CORE STREET PROGRAM CITY PROJECT NO.2007 -OIC WHEREAS, a costs have been determined for the improvement to Area 3 of the Street Reconstruction Program including River Street from Craig Lane to CSAH 75, Craig Lane, Kenneth Lane, Hillcrest Road, Hillcrest Circle, Hilltop Drive, Matthew Circle and on River Street from CSAH 75 to the City ball fields by widening the streets, street reconstruction including milling and overlay, curb and gutter, sidewalk, storm sewer, extension of sanitary sewer and water main along River Street in the area of the ball fields, replacement of sanitary sewer on Craig Lane and other necessary appurtenant work, and the contract price for such improvement is $1,261,154 and the expenses incurred or to be incurred in the making of such improvement amount to $338,424 so that the total cost of the improvement will be $1,599,578; and WHEREAS, the City Engineer has prepared the proposed assessment for the 2007 Core Street Reconstruction Project and has notified the Council that such proposed assessment has been completed and has been filed in the office of the City Clerk for public inspection; NOW THEREFORE, BE IT RESOL YED BY THE CITY COUNCIL OF MONTICELLO, 111INNESOTAr 1. The portion of the cost of such improvement to be paid by the City is hereby declared to be $1,240,411 and the portion of the cost to be assessed against benefited property owners is declared to be $359,167. 2. Assessments shall be payable in equal annual installments extending over a period of ten years, the first of the installments to be payable on or before the first Monday in January, 2008 and shall bear interest at the rate of five percent per annum from the date of the adoption of the assessment resolution. 3. A hearing shall be nelci on the 22"d day of Cc�Guei, � p w ^037 at 7 .m. in the Council Chan :bers of City Hall to pass upon such proposed assessment and at such time and place all persons owning property affected by such improvement will be given an opportunity to be heard with reference to such assessment. 4. The City Clerk is hereby directed to cause a notice of the hearing on the proposed assessment to be published once in the official newspaper at least two weeks prior to the hearing and shall state in the notice the total cost of the improvement. The City Clerk shall also cause mailed notice to be given to the owner of each parcel described in the assessment roll not less than two weeks prior to the hearings. 5. The owner of any property so assessed array, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment to the City of Monticello, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment. The property owner may at any time thereafter, pay to the City of Monticello the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the succeeding year. Adopted by the Monticello City Council this 24'b day of September, 2007. (I;/- , Clint Herbst, Mayor ATTEST: r� Jeff O ity Administrator