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95-056 . CITY OF SHOREWOOD RESOLUTION NO. 95 . 56 RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT AND ORDERING AN ASSESSMENT HEARING WHEREAS, costs have been determined for the improvement of the Boulder Bridge and Badger Field Water System Improvements and the price for such improvement is estimated to be One Million Seven Hundred Thousand and No/IOO Dollars ($ 1,700,000), and the expenses incurred or to be incurred in the making of such improvement amount of One Million Seven Hundred Thousand and NollOO Dollars ($1,700,000) so that the total cost of the improvement will be One Million Seven Hundred Thousand and No/IOO Dollars ($1,700,000), NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood, as follows: 1.) The portion of the cost of such improvement to be paid by the City is hereby estimated to be Five Hundred Thousand Dollars ($500,000) and the portion of the cost to be assessed against benefited property owners is estimated to be One Million Two Hundred Thousand Dollars ($1,200,000). 2.) Assessments shall be payable in equal annual installments extending over a period of fifteen (15) years, the first of the installments to be payable on or before the first Monday in January, 1996, and shall bear interest at the rate of eight percent (8%) per annum 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.) A public hearing shall be held on such proposed assessments on the 24th day of July, 1995 in the Council Chambers of the City Hall at 7:45 p.m., and shall be continued at the same location on the 25th day of July, 1995 at 7:30 p.m., and the Clerk shall give mailed and published notice of such hearing and assessments as required by law. 5. ) The City Clerk shall upon the completion of such proposed assessment notify the Council thereof. PASSED AND ADOPTED BY THE CITY COUNCIL, of the City of Shorewood this 26th day of June, 1995. ~~~~ Robert B. Bean, Mayor ATTEST: ..