3.3. SR 11-22-1999
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**Item #3.3.**
River
MEMORANDUM
TO:
Mayor & City Council
Lori Johnson, Finance Director~i~
I
FROM:
DATE:
November 22,1999
SUBJECT: Consider Resolution Adopting Final
Assessment Roll for East Elk River
Business Park Improvements
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This item was pulled from the November 8 consent agenda so that the amount
to be assessed could be reviewed with the city engineer. Terry Maurer and I
have had an opportunity to review the assessment and recommend approval.
A public hearing is not needed to approve this assessment as the developer
requested the improvements and waived his rights to public hearing and to
appeal the assessment amount.
Action Requested
The City Council is asked to adopt the attached Resolution 99-_ Adopting
Final Assessment Roll for East Elk River Business Park Improvements.
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13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425
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RESOLUTION 99 -
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL FOR
EAST ELK RIVER BUSINESS PARK IMPROVEMENTS
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
1999 East Elk River Business Park improvements 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:
1. 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.
2. 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 as 6.52% over a period of fifteen years.
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3.
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/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 next succeeding year.
4. 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 by the City Council of the City of Elk River this 22nd day of November, 1999.
Stephanie Klinzing, Mayor
ATTEST:
.Sandra A. Peine, City Clerk
. Eastern Area Improvement Project
Business Park - Internal Improvements
Street, Storm Sewer, Water & Sewer Laterals
Parcel Number 75-002-2300
Principal Outstanding: 361,639.00
Interest Rate: 6.52%
Interest Start Date: Sept. 1, 1999
Term: 15
Principal
Payment Year Payment Principal Interest Outstanding
361,639.00
2000 55,547.75 24,109.27 31,438.48 337,529.73
2001 46,116.21 24,109.27 22,006.94 313,420.47
2002 44,544.28 24,109.27 20,435.01 289,311.20
2003 42,972.36 24,109.27 18,863.09 265,201.93
2004 41,400.43 24,109.27 17,291.17 241,092.67
2005 39,828.51 24,109.27 15,719.24 216,983.40
2006 38,256.58 24,109.27 14,147.32 192,874.13
. 2007 36,684.66 24,109.27 12,575.39 168,764.87
2008 35,112.74 24,109.27 11,003.47 144,655.60
2009 33,540.81 24,109.27 9,431.55 120,546.33
2010 31,968.89 24,109.27 7,859.62 96,437.07
2011 30,396.96 24,109.27 6,287.70 72,327.80
2012 28,825.04 24,109.27 4,715.77 48,218.53
2013 27,253.12 24,109.27 3,143.85 24,109.27
2014 25,681.19 24,109.27 1,571.92 0.00
558,129.52 361,639.00 196,490.52
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11/18/99Eastelkr