87-066 RES
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RESOLUTION 87-~
A RESOLUTION OF THE CITY OF ELK RIVER
AMENDING RESOLUTION 87-57 and
RESOLUTION 87-58
WHEREAS the Elk River City Council adopted Resolution 87-57
and Resolution 87-58 on October 5, 1987, which
resolutions erroneously state that the assessments for
the Deerfield Third Addition improvements are to be
collected over a period of 15 years; and
WHEREAS; the developers agreement between the City of Elk River
and Elk River Development Corporation, the developer
of Deerfield Third Addition, provides that the
assessments for public improvements for Deerfield
Third Addition shall be payable over a period of three
years; and
WHEREAS; the City Council intends that the assessments for the
Deerfield Third Addition improvements be paid over a
period of three years according to the terms of the
developers agreement.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Elk River, Minnesota as follows:
1. The final assessment roll for the Deerfield Third
Addition improvements as accepted and adopted in
Resolution 87-58 shall be modified as set forth in the
final assessment roll attached hereto and the same is
incorporated herein by this reference. The attached
final assessment roll shall constitute the special
assessments against the lands therein named for the
Deerfield Third Addition improvements.
2. Second 2 of Resolution 87-58 is amended to provide as
follows:
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 at 9.25 percent over a period
of three years.
3. Section 3 of Resolution 87-57 shall be amended to
provide as follows:
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3.
The assessments shall be payable in equal
installments and shall extend over a period
of three years, the first of the
installments to be payable on or before the
first Monday in January, 1988 with interest
at the rate of 9.25% per annum from the date
of the adoption of the assessment
resolution.
4. In all other respects, Resolution 87-57 and Resolution
87-58 shall remain in full force and effect.
Passed and adopted this 26th day of October, 1987.
{;:b./}/ c>: ~
Estelle E. Gunkel, Mayor
ATTEST:
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City Administrator
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