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RESOLUTION The matter of the neighborhood improvement district in University Heights Subdivision Number One was considered. After a review and general discussion of the matter, Councilmember Paul Schoomer offered the following resolution and moved its adoption. BE IT RESOLVED: That the Council of the City of University City, Missouri, finds and declares as follows: 1. On January 5, 1998 a neighborhood improvement district in University Heights Subdivision Number One was lawfully established by resolution, and preliminary plans and specifications for the proposed improvement were ordered to be made. The proposed improvement was the partial removal and replacement of concrete gutters and curbs, and the renovation and re- paving of subdivision streets. The original estimated cost was $500,000.00. 2. On June 29, 1998, by resolution the proposed improvement was lawfully ordered to be made in accordance ~vith the plans and specifications set out in the "Improvement Contract for Project No. 915." 3. Construction of the improvement has been completed in accordance with the plans and specifications therefor. The final cost of the improvement is $473,082.61, which does not exceed the original estimated cost of $500,000.00. BE IT FURTHER RESOLVED: That 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 April 9, 1999, or may pay the assessments in substantially equal annual installments for a duration not to exceed 20 years. The first installment shall be payable after the first collection of general property taxes following the adoption of this Resolution. The assessments shall accrue interest at a rate of 8% per annum from the effective date of this Resolution until paid in full, except that no interest shall accrue if paid in full on or before April 9, 1999. BE IT ADDITIONALLY RESOLVED: That the City Clerk shall mail a notice to each property owner listed in Exhibit "A"which shall set forth a description of each parcel of real property to be assessed which is owned by such owner, the special assessment assigned to such property, and a statement that the property owner may pay such assessment in full without interest on or before the Apr/19, 1999, or may pay the assessment with interest in substantially equal annual installments for a duration not to exceed 20 years.