1976-5628r78
RESOLUTION N0. 5628
RESOLUTION RELATING TO
SPECIAL ASSESSMENTS FOR
ASSESSABLE PUBLIC IMPROVEMENTS
IN THE LYNDALE/HUB/NICOLLET
PROJECT AREA
WHEREAS, it is expected that public improvements, for which
special assessments are to be levied, will be made in the Lyndale/
Hub/Nicollet project-area, which improvements will consist generally
of street widening, traffic channelization, traffic signals, utility
and drainage modifications, landscaping pedestrian walkways and
related improvements, and
WHEREAS, the amount to be levied for benefits received from
such improvements cannot finally be determined by the city council
until after the appropriate procedural steps have been taken to
determine assessable costs, prepare proposed assessment rills, con-
duct hearings and determine benefits to individual tracts and parcels
of land, but it appears to be in the public interest to establish a
proposed assessment policy on special assessments for the purpose of
considering the proposed public improvements,
NOW, THEREFORE, BE IT RESOLVED by the city council of the City
of Richfield that the tentative and proposed assessment policy to
be used for the contemplated public improvements in the Lyndale/Hub/
Nicollet project area shall be as follows:
1. The amount to be assessed would consist of the cost of the
public improvements, less any funds contributed by Hennepin County
and any funds secured from state or federal grant programs.
2. The properties to be assessed would be all properties located
within the Lyndale/Hub/Nicollet project area.
3. The proposed assessment roll would distribute the assessable
cost to the assessable parcels of land on the basis of Land area,
i.e., the amount assessed for each parcel would have the same relation-
ship to the total amount assessed as the parcel land area would have to
the total land area being assessed.
4. The special assessment proceedings would be scheduled to
provide for the levy to be made when most of the improvements are
substantially completed; and the proposed assessment roll would pro-
vide for payment of the special assessments over a 20-year period
having twenty equal payments combining principal and interest, and
with the interest rate not exceeding eight per cent (8%) per annum.
Passed by the City Council this 25th day of October, 1976.
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`-' ore Law Mayor
ATTEST:
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