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A RESOLUTION TO APPROVE THE COLONY ROAD IMPROVEMENT DISTRICT
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THE CITY COUNCIL OF JONESBORO, ARKANSAS DOES HEREBY RESOLVE AS FOLLOWS:
WHEREAS, parties claiming to be the owners of a majority of the value of the property touching Colony Road within the territory hereinafter described have filed a petition praying that an improvement district be established for the purpose hereinafter set out pursuant to Arkansas Code Annotated Section 14-322-100 et seq; and
WHEREAS, the legal description of the property which would be included in this district is described as follows:
Part of the North Half of the Southeast Quarter and part of the South Half of the Northeast Quarter of Section 4, Township 13 North, Range 4 East; Beginning at the Northwest corner of the Northwest Quarter of the Southeast quarter of Section 4; thence South 319 feet; thence East 240 feet; thence South 35.53 feet; thence South 319 feet; thence North 79.73 feet; thence East 158.5 feet; thence South 179.73 feet; thence East 380.80 feet to the Westerly Right-of-way line of the Missouri Pacific Railroad; thence South 12 degrees 10’ West along said Right-of-way line to the South line of the Northwest Quarter of the Southeast Quarter of said Section 4; thence East to the Southeast corner of the Northeast Quarter of the Southeast Quarter of Said Section 4; thence North to the Northeast corner of the Northeast Quarter of the Southeast Quarter of said Section 4; thence North 290 feet; thence West 60 feet; thence South to a ditch bank running East and West; thence West to the intersection of a ditch bank running in a Northerly direction; thence North 12 degrees 36’ West on said ditch bank 97 feet; thence North 33 degrees 00’ West on said ditch bank 83 feet; thence North 181 feet to the North bank of a ditch; thence West to the Westerly Right-of-way line of the Missouri Pacific Railroad; thence Northeasterly along the Westerly Right-of-way line of the Missouri Pacific Railroad to the North line of the Southwest quarter of the Northeast Quarter of said Section 4; those West to the Northwest Corner of the Southwest Quarter of the Northeast Quarter of said Section 4; thence South to the point of beginning proper.
WHEREAS, the purpose of this road improvement district is to improve the existing road and establishing a hard surface, suitable drainage are, drainage tiles and all improvements necessary to make a highly improved street.
WHEREAS, the approximate costs of said improvement shall be FIFTY NINE THOUSAND DOLLARS (59,000.00).
It is anticipated that these improvements will be financed through a bank with the individuals to have the right to pay their proportionate share upon completion of the project or the balance financed by the Improvement District with the principal and interest to be paid by assessments against the property located in the Improvement District.
The approximate assessment per owner is based upon front footage in the approximate amount of $6.50 per front foot.
NOW, THEREFORE, BE IT RESOLVED, that proper information having been presented to the City Council of Jonesboro, Arkansas, that proper notice is given to the public prior to the hearing and that thereafter this matter is considered for final approval by Ordinance.
APPROVED: October 21, 1991