HomeMy WebLinkAbout11-006 - ADMIN Resolution - City Council - 2011/01/03•
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RESOLUTION NO. 11-006
RESOLUTION CERTIFYING THE SPECIAL ASSESSMENT
FOR THE TRAFFIC SIGNALS AND INTERSECTION IMPROVEMENTS
AT W. 36TH STREET AND PARK CENTER BOULEVARD
IN THE AMOUNT OF $221,567.93
P.I.D. 06-028-24-32-0017
WHEREAS, PBK Investments (7 & 41 LLC and 7&41 Crossings Center Limited
Partnership), the Property Owners at 3555 State Highway 100 petitioned the City of St. Louis
Park for Traffic Signal and Intersection Improvements at W. 36th Street and Park Center
Boulevard (City Project No. 2009-2101); and
WHEREAS, the Property Owner agreed to have one hundred percent (100%) of the cost
of the above improvements assessed against the property in accordance with the City's special
assessment policy; and
WHEREAS, the City Council of the City of St. Louis Park approved a Public
Improvement and Special Assessment Agreement (City Contract No. 50-09) with the Property
Owners on December 2, 2008, and
WHEREAS, the Property Owner agreed to waive the right to a public hearing, right of
notice and right of appeal pursuant to Minnesota Statute, Chapter 429; and
WHEREAS, the Property Owner has agreed to pay the City for the total cost of the
above improvements through a special assessment over a eight (8) year period at the interest rate
of 5.85 %.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
Park, Minnesota, that:
1. The total cost for the Traffic Signal and Intersection Improvements at W. 36th Street and
Park Center Boulevard. (City Project No. 2009-2101) is accepted at $221,567.93.
2. The amount of $221,567.93 is certified as a special assessment against the property located at
35• S te Highway 100. The special assessment shall be payable in eight (8) equal annual
stallm nts, together with interest on the unpaid balance calculated at 5.85% per annum.
Re
dministration:
City Mana:e
Attest:
by the City Council January 3, 2011
May