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Council adopts final assessments for Victory Drive signal and lighting project
Summary
The council adopted final assessments for CIP 11-1984 (Victory Drive signal and lighting). Street-lighting assessments were set at $16.16 and $0.80 per frontage foot; cost shares include 50% county/city split on lighting and a quarter/quarter/half split for the traffic signal, with first payments due in 2026.
The Mankato City Council on Nov. 10 adopted final assessments for the Victory Drive signal and continuous street-lighting project (CIP 11-1984).
Staff explained that the street-light assessment is calculated at a commercial lighting rate of $16.16 plus $0.80 per frontage foot for adjacent properties. The traffic-signal costs are split with 25% paid by the county, 25% paid by the city and the remaining 50% assessed to two subdivisions (the Victory Commercial District and the R and R North subdivision). Staff said assessments either remained the same or decreased since the preliminary hearing and that notices had been mailed and published under Chapter 429 (city code) consistent with final assessment hearing procedure.
Clerk Renee conducted the roll call after Council member LaVine moved to adopt the final assessments and Council member Deacon seconded. The council voted unanimously to adopt the resolution. Staff noted assessed amounts will be recorded against properties at year-end; the first payment will be due in 2026 at 4.5% interest with typical terms of 10 years and 15-year extensions available by request for assessments of $5,000 or more.
