1998 017 Resolution - Laserfiche WebLink

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RESOLUTION NO. 98- 17 PAGE 2 Section 3: This Council finds and determines that (i) the improvement is conducive to the public health, convenience and welfare of this Village and the inhabitants thereof, (ii) the lots and lands to be assessed as described in Section 4 hereof are specially benefited by the improvement and (iii) the improvement has been petitioned for by the owner of one hundred percent of the area of the property to be specially assessed for the improvement. This Council further finds and determines that this improvement constitutes a coordinated and continuous street improvement and the streets to be improved are so situated in relation to each other that, in order to complete the improvement thereof in the most practical and economical manner, they should be improved at the same time with the same kuid of materials and in the same manner and, therefore, they shall be treated as a single improvement and included in the same legislation aild contract. Section 4: Of the whole cost of the improvement, after deducting any federal, state or other grant funds, an amount equal to 50% of all costs in excess of $845,950 shall be assessed in proportion to the benefit that may result in the improvement upon property owned by Progressive Casualty Insurance Company bounding and abutting on the improvement, as more specifically described in its petition for the improvement aild in Exhibit A attached thereto. The balance of the cost of the improvement shall be assumed by the Village. Section 5: The cost of the improvement shall include the cost of preliminary and other stuveys, plans, specifications, profiles and estimates and of printing, serving and publishing notices, resolutions and ordinances, the amount of any damages resulting from the improvement and the interest thereon, the costs incurred in connection with the preparation, levy and collection of the special assessments, the cost of purchasing, appropriating, and otherwise acquiring any real estate or interests therein required for the improvement, expenses of legal services including obtaining approving legal opinions, cost of labor and material, and interest on securities issued in anticipation of the levy and collection of the special assessments, together with all other necessary expenditures. Section 6: URS Greiner is authorized and directed to prepare and file in the office of the Cleric of Council the estimated special assessments of the cost of the improvement described in this resolution. Those estimated special assessments shall be based upon the estimate of cost of the improvement now on file in the office of the Cleric of Council and shall be prepared pursuant to the provisions of this resolution. Section 7: The special assessments to be levied shall be paid according to the following payment schedule: in forty semiannual payments representing twenty annual installments, with interest on the unpaid principal amount of each special assessment at the same rate or rates of interest as shall be borne by securities to be issued in anticipation of the collection of the total of the unpaid special assessments; provided, that the owner of any property assessed may pay the special assessment in cash within 30 days after passage of the assessing ordinance.