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RESOLUTION The matter of establishing a neighborhood improvement district by the property owners in the 1200 and 1300 Blocks of Waldron for the purpose of making neighborhood improvements was considered. After review and general discussion of the matter, Council member V~~ offered the following Resolution and moved its adoption. BE IT RESOLVED: That the Council of the City of University City, Missouri finds as follows: 1. The 1200 and 1300 Blocks of Waldron are located in University City, Missouri (the "City"). 2. On January 16, 2004, a petition for the creation of a neighborhood improvement district in the 1200-1300 Blocks of Waldron was filed with the City. The petition was signed by the owners of record of at least two-thirds by area of all real property located within the neighborhood improvement district. Such district is hereby established. 3. The project name for the proposed improvement is the: "Waldron/Wellington Intersection Improvement Project". The general nature of the improvement is the removal of a steel street barricade at the intersection of Purdue and Wellington Avenues in the City, and the construction of a concrete island barricade and planter in its place. 4. Plans and specifications for the improvement were obtained by the City and approved by the neighborhood improvement project representatives. 5. The public improvement has been completed in accordance with the plans and specifications, at a final cost of $7,212.00, which represents $6,300 for contract installation and $912.00 for the planters. The City has paid $3,025.00 of the final cost, a sum that represents the insurance payment of $1,525.00 and a $1,500.00 contribution representing the cost the City would have incurred to install a new barricade at the project site. The property owners in the neighborhood improvement district owe the balance of $3,687.00 (the $500 Community Development Grant has been deducted). 6. The proposed improvement was advisable and in the public interest. -- 7. The boundaries of the neighborhood improvement district to be assessed include lots in the 1200 and 1300 Blocks of Waldron Avenue, 7200 Block of Carlyle and Orchard Avenues and the 1400 Block of Quendo. 8. The balance of final cost of the improvement to be assessed against the property in the neighborhood improvement district shall be apportioned against such property in accordance with the benefits accruing thereto by reason of such improvement. The method of assessment is for the final cost to be assessed equally per property owner as listed in Exhibit "A". BE IT FURTHER RESOLVED: That the $3,687 balance of the final cost of the improvement is hereby assessed against each parcel of property deemed to be benefited by the improvement, as provided in the attached assessment roll, marked Exhibit "A" and made a part hereof. The property owners may pay the assessments in full on or before November 30, 2004, or may pay the assessments in substantially equal annual installments for a duration not to exceed five years at an interest rate of 8% per annum. The first installment shall be payable after the first collection of general property taxes following the adoption of this Resolution. BE IT ADDITIONALLY RESOLVED: That the proposed neighborhood block is hereby established. Preliminary plans and specifications for the prot~osed improvement are hereby ordered to be made. Motion seconded by Council member __ and carried. Adopted this ~ day of ,'2004 Icerti~fy~t~at the above lis a tree ex. cerpt from the minu,t~ oftlpe me~et~g off.the Qt~ty Coungil held hereby (~/ day of ~.~~.' , 2004.~d~ /V ~ ~~j~/ '~1 ~/ City Clerk - ;~' - 7 on the