Title
Ratifying the assessments for Como/Valentine residential area for the mill and overlay of streets in the 2023 Mill and Overlay Program. (File No. MO2302, Assessment No. 245502)
Body
WHEREAS, the Saint Paul City Council in Council File RES PH 24-1148 accepted the Report of Completion for the assessment of benefits, cost and expenses for the removal of the top layer of street and replacing with a new layer of bituminous pavement for Como/Valentine residential area; and
WHEREAS, the City Council held a public hearing on September 18, 2024 to consider ratification of the assessment roll; and
WHEREAS, the City Council considered and found satisfactory the assessment of benefits, costs and expenses for the construction work; and
WHEREAS, the assessment amount for each property will be payable in annual installments for a term of 10 years, with the first installment payable with property taxes in 2025; and
WHEREAS, the first annual installment will include 1/10th of the assessment principal, plus interest at 4.25 percent per year on the ratified assessment amount from the date of this resolution until December 31, 2025, plus an administrative fee of $10.00 per parcel; and
WHEREAS, for every annual installment afterwards, interest will be calculated on the remaining assessment balance and the administrative fee will be applied; now, therefore, be it
RESOLVED, that the said assessment is hereby in all respects ratified.