03-051 RESRESOLUTION 03-_..5_1
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL
WHEREAS
upon due notice properly made as required by law, the Elk River City Council has
met and heard and passed upon all objections to the proposed assessment for
the 2003 Pavement Rehabilitation improvement (413 Quinn Avenue) and has
determined the amount to be assessed against each individual property as the
Council deems just;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota:
The final assessment roll, a copy of which is attached hereto and incorporated herein by
this reference, is hereby accepted and adopted and shall constitute the special
assessment against the lands therein named. Each such tract of land in the assessment
roll is hereby found to be benefited by the improvement in an amount not less than the
amount of the assessment levied against it.
Such assessment shall be payable in equal annual installments, including both principal
and interest, amortized in such amount annually as is required to pay the principal with
interest at 5.50% over a period of seven years.
The owner of any property so assessed may at any time prior to certification to the
County Auditor of the assessment or the first installment thereof, pay to the City
Treasurer the whole of the assessment on such property, with interest accrued to the
date of payment; except that no interest shall be charged if the entire assessment is paid
within 30 days after the adoption of this Resolution. Prepayment may also be made
after the certification of the assessment or first installment thereof by paying to the City
Treasurer/County Auditor the entire amount of the assessment remaining unpaid with
interest. In the case of a payment made before November 15, interest will be calculated
through December 31 of the year in which payment is made. If payment is made after
November 15, interest will be calculated through December 31 of the next succeeding
year.
The City Administrator shall transmit to the County Auditor a certified duplicate of the
attached assessment roll to be extended on the property tax lists of the County. Such
assessment shall be collected and paid over in the same manner as other municipal
taxes.
Passed and adopted this 8th day of September, 2003.
ATTEST:
Patrick D. Klaers, City Administrator
Stepl~anie A. Klinzing, Mayer-' '
S:~ADMIN\Resolutions\2003 Resolutions\Unapproved\paveRollQuinn.doc
ASSESSMENT SCHEDULE
Constant Principal Payment Method
Project: 2003 Pavement Rehabilitation
Project No: 818980J
Parcel: 75-409-0310
Owner:
c/o
Address:
CoD' and Tracey Stoeckel
413 Quirm Avenue
Elk River, MN 55330
Interest Start Date:
Repayment Period:
Interest Rate:
Assessments:
Pavement Rehabilitation
December 1,2003
7 yrs
5.50%
Quantity
Unit Measure Unit Price Amount
1 UNIT 5,000.00 $ 5,000.00
YEAR
ANNUAL
PAYMENT
PRINCIPAL
PAYMENT
INTEREST
PAYMENT
PRINCIPAL
REMAINING
2003
2004
2005
2006
2007
2008
2009
2010
$0.00 $0.00 $5,000.00
$1,012.64 $714.29 $298.36 $4,285.71
$950.00 $714.29 $235.71 $3,571.43
$910.71 $714.29 $196.43 $2,857.14
$871.43 $714.29 $157.14 $2,142.86
$832.14 $714.29 $117.86 $1,428.57
$792.86 $714.29 $78.57 $714.29
$753.57 $714.29 $39.29 $0.00
Note:
$6,123.36 Total Annual Payment
The interest payment for the year 2004 includes $23.36
for interest accrued from December 01, 2003 to January 01, 2004.
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