8851-16 Reso of Necessity - Meridian Revetment

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protect the northerly property line of the Meridian Condominium to provide, construct and in- stall a revetment on the northerly property line by Lake Eric, at the Meridian Condominium lo- cated at 12550 Lake Avenue. Section 3. It is hereby determined and declared that said improvement is conducive to the public health, convenience and welfare of said City and the inhabitants thereof. Section 4. It is hereby declared that the installation of these improvements constitute a public purpose. Section 5. The plans, specifications and estimates of the proposed improvements hereto- fore prepared and now on file in the office of the City Engineer are hereby approved. Section 6. Council hereby determines that the 191 condominium units and lands abounding and abutting upon the proposed improvements are specially benefited by said im- provements and shall be assessed in accordance with each unit's undivided ownership interest in the Meridian Condominium, that is, in proportion to the benefits which may result from the improvements. The assessments shall cover no more than 49 /50ths of the entire actual cost of engineering of, site preparation for and construction of said improvements and include the cost of preliminary and other surveys; publishing notices, resolutions and ordinances; the amount of damages resulting from the improvement assessed in favor of any owner of land affected by the improvement; the preparation, levy, and collection of the special assessments; the cost of pur- chasing, appropriating and otherwise acquiring labor and material; together with all other nec- essary expenditures, such total amount of the assessment not to exceed $704,000 and being hereby determined to be equal to the special benefit derived by the 191 condominium units and lands so abounding and abutting these improvements. Section 7. The Clerk of Council is hereby directed to deliver a certified copy of this res- olution to the Director of Finance of the City. Section 8. Pursuant to Section 3 of Article XVI of the Second Amended Charter of the City, the Director of Finance is hereby authorized and directed to prepare and file with this Council the estimated assessments of the cost of the improvement described in this resolution. When such estimated assessments have been so filed, said Director of Finance shall cause no- tice of the adoption of this resolution and the filing of said estimated assessments to be made as provided in said Article XVI. Section 9. The assessments to be levied shall be paid in 20 equal and consecutive semi- annual installments as provided herein, provided that the owner of any property assessed may, at his, her or its option, pay such assessment in whole within 30 days after initial receipt of the City's invoice. Section 10. When an owner of any property assessed elects to pay said assessment via installments as described above, additional fees and charges such as those imposed by the Cuyahoga County Fiscal Officer for special assessments shall be borne by said property owner.