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RESOLUTION 04-24 A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE PEQUOT LAKES INDUSTRIAL PARK PROJECT WHEREAS, a contract has been let (costs have been determined) for the improvement of the Industrial Park from Morehouse Drive from Engen Road to Derksen Road and Lots 7 and 8,Block 4 of the Industrial Park and the contract price for such improvement is $268,934.17 and the expenses incurred or to be incurred in the making of such improvement amount to $71,065.83 so that the total cost of the improvement will be $340,000. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEQUOT LAKES, MINNESOTA: 1. The portion of the cost of such improvement to be paid by the city is hereby declared to be $97,145.38 and the portion of the cost to be assessed against benefited property owners is declared to be $242,854.62. 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 before the first Monday in January, 2005 and shall bear interest at the rate of two percent above bond rate from the date of the adoption 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 inspection. 4. The clerk shall upon the completion of such proposed assessment, notify the council thereof. Adopted by the Council this 5th day of October, 2004. / athy echa, Mayor ATTEST: •-1.4--$4.--eZ a ..Pee:gt.e. Sandra A. Peine, City Clerk