1972-4735rRESOLUTION NO. 4735
RESOLUTION ON POLICY FOR STORM SEWER ASSESSMENTS
WHEREAS, the city has been constructing storm sewers throughout the city according
to a master plan prepared in 1953, and
WHEREAS, the city council has had a policy of assessing this storm sewer construction
at a maximum assessment of $.0355 per square foot, and
WHEREAS, the construction of these storm sewers throughout the city has been sub-
stantially completed, and
WHEREAS, the cost of constructing these storm se~,vers has increased considerably
over the years , and
WHEREAS, it appears desirable to change the existing storm sewer assessments
policies to more accurately charge the benefited properties with the cost of providing
the improvement.
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Richfield that
the City adopt the following general policies for storm sewer assessments:
1. That all remaining storm sewers constructed in 1974 and future years,
should there be any, be assessed at its full cost of construction.
2. That the assessment be spread over a 20 year period at 8% interest
with the privilege of prepaying the storm sewer assessment at any
time without additional interest.
3. That the above policies begin with the storm sewer hearings held in 1973.
4. That the policies contained in this resolution shall be subject to
modification if necessary in individual cases if the council determines
that the assessment or assessments resulting from-the application of
the policies will exceed the benefits received.
Passed by the City Council of the City of Richfield this 14th day of February, 1972.
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Attest:
City Clerk -