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1 <br /> r <br /> hereto and incorporated herein. The legal description of the proposed <br /> neighborhood improvement district is as follows: a <br /> 1 <br /> The north half of the 6900 block of Kingsbury Blvd., that is University , <br /> Heights No. 2, Block 3, Lots 13, 14, 15, 16, 17, 18, 19, 20 and 21 as <br /> recorded in the Office of the Recorder of Deeds of the County of St. Louis <br /> in Plat Book No. 7, Page 69. <br /> 8. The cost of the proposed improvement to be assessed against the property <br /> within the proposed neighborhood improvement district shall be apportioned <br /> equally to each property and assessed in substantially equal annual <br /> installments over a period of up to ten (10) years with interest of such rate as <br /> the City determines, but not to exceed eight percent (8%) per annum. <br /> Property owners may elect to pay the entire bill at once. <br /> 9. The proposed improvement is advisable, necessary and in the public interest. <br /> BE IT FURTHER RESOLVED: That the final cost of the proposed improvement <br /> assessed against the real property within the proposed neighborhood improvement <br /> district and the amount of any general obligation bonds issued thereof shall not, without , <br /> a new petition or election, exceed the $51,000.00 estimated cost of such improvement <br /> by more than 25% or $12,750.00, for a total of$63,750.00. <br /> BE IT ADDITIONALLY RESOLVED: That the proposed neighborhood <br /> improvement district is hereby established. Preliminary plans and specifications for the <br /> proposed improvement have already been provided to the City. <br /> Motion seconded by Councilmember Ms. Carr and carried. <br /> Adopted this 28th day of April, 2014. <br /> I hereby certify that the above is a true excerpt from the minutes of the meeting of the <br /> City Council held on the 28th day of April, 2014. <br /> Cl;: ' <br /> CI VCLE-K, JOYCE PUMM <br /> • / I i , f jaje <br /> MAYOR, SHE LSCH <br /> 2 <br /> i <br />