RES 05-114
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RESOLUTION 05-114
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL IN THE
MATTER OF NORTHSTAR BUSINESS PARK IMPROVEMENT OF 2005
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
Northstar Business Park improvement 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.
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
5.5% over a period of 10 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.
2.
3.
4.
Passed and adopted this 3rd day of October, 2005.
ATTEST:
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. Steph' . e A. Klinz~g,
. Schmidt, City Clerk
09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 1
SPECIAL ASSESSMENT: 20052 NORTHSTAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0105, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 265,419.26, APR INTEREST: 5.~000000
2006 BEGINNING PRINCIPAL lEFT: 265,419.26, APR INTEREST: 5.5000000
iod Payment Toward Interest Toward Principal Outstanding
6 42,356.49 15,814.56 26,541.93 238,877.33
2007 39,680.18 13,138.25 26,541.93 212,335.40
2008 38,220.38 11,678.45 26,541.93 185,793.47
2009 36,760.57 10,218.64 26,541.93 159,251.54
2010 35,300.76 8,758.83 26,541.93 132,709.61
2011 33,840.96 7,299.03 26,541.93 106,167.68
2012 32,381.15 5,839.22 26,541.93 79,625.75
2013 30,921.35 4,379.42 26,541.93 53,083.82
2014 29,461.54 2,919.61 26,541.93 26,541.89
2015 28,001.69 1,459.80 26,541.89 0.00
346,925.07 81,505.81 265,419.26
- THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 6
SPECIAL ASSESSMENT: 20052 NORTHSTAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0210, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 78,908.42, APR INTEREST: 5.5000000
2006 BEGINNING PRINCIPAL LEFT: 78,908.42, APR INTEREST: 5.5000000
riod Payment Toward Interest Toward Principal Outstanding
6 12,592.47 4,701.63 7,890.84 71,017.58
2007 11,796.81 3,905.97 7,890.84 63,126.74
2008 11,362.81 3,471.97 7,890.84 55,235.90
2009 10,928.81 3,037.97 7,890.84 47,345.06
2010 10,494.82 2,603.98 7,890.84 39,454.22
2011 10,060.82 2,169.98 7,890.84 31,563.38
2012 9,626.83 1,735.99 7,890.84 23,672.54
2013 9,192.83 1,301.99 7,890.84 . 15,781.70
2014 8,758.83 867.99 7,890.84 7,890.86
2015 8,324.86 434.00 7,890.86 0.00
103,139.89 24,231.47 78,908.42
-THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 2
SPECIAL ASSESSMENT: 20052 NORTH STAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0110, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 11 Q,591.34, APR INTEREST: 5.5000000
2006 BEGINNING PRINCIPAL LEFT: 110,591.34, APR INTEREST: 5.5000000
riod Payment Toward Interest Toward Principal Outstanding
6 17,648.53 6,589.40 11,059.13 99,532.21
2007 16,533.40 5,474.27 11,059.13 88,473.08
2008 15,925.15 4,866.02 11,059.13 77,413.95
2009 15,316.90 4,257.77 11,059.13 66,354.82
2010 14,708.65 3,649.52 11,059.13 55,295.69
2011 14,100.39 3,041.26 11 ,059.13 44,236.56
2012 13,492.14 2,433.01 11,059.13 33,177.43
2013 12,883.89 1,824.76 11,059.13 22,118.30
2014 12,275.64 1,216.51 11,059.13 11,059.17
2015 11,667.42 608.25 11,059.17 0.00
144,552.11 33,960.77 110,591.34
- THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 3
SPECIAL ASSESSMENT: 20052 NORTHSTAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0115, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 84,886.32, APR INTEREST: 5.5000000
2006 BEGINNING PRINCIPAL LEFT: 84,886.32, APR INTEREST: 5.5000000
.d Payment Toward Interest Toward Principal Outstanding
13,546.44 5,057.81 8,488.63 76,397.69
2007 12,690.50 4,201.87 8,488.63 67,909.06
2008 12,223.63 3,735.00 8,488.63 59,420.43
2009 11,756.75 3,268.12 8,488.63 50,931.80
2010 11,289.88 2,801.25 8,488.63 42,443.17
2011 10,823.00 2,334.37 8,488.63 33,954.54
2012 10,356.13 1,857.50 8,488.63 25,465.91
2013 9,889.26 1,400.63 8,488.53 16,977.28
2014 9,422.38 933.75 8,488.53 8,488.55
2015 8,955.53 466.88 8,488.55 0.00
110,953.50 26,067.18 84,885.32
- THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 4
SPECIAL ASSESSMENT: 20052 NORTHSTAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0120, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 277,673.99, APR INTEREST: 5.5000000
2006 BEGINNING PRINCIPAL lEFT: 277,673.99, APR INTEREST: 5.5000000
.:d Payment Toward Interest Toward Principal Outstanding
44,312.14 16,544.74 27,767.40 249,906.59
2007 41,512.26 13,744.86 27,767.40 222,139.19
2008 39,985.06 12,217.66 27,767.40 194,371.79
2009 38,457.85 10,690.45 27,767.40 166,604.39
2010 36,930.64 9,163.24 27,767.40 138,836.99
2011 35,403.43 7,636.03 27,767.40 111,069.59
2012 33,876.23 6,108.83 27,767.40 83,302.19
2013 32,349.02 4,581.62 27,767.40 55,534.79
2014 30,821.81 3,054.41 '27,767.40 27,767.39
2015. 29,294.60 1,527.21 27,767.39 0.00
362,943.04 85,269.05 277,673.99
- THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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09/16/2005
10:24 am
AMORTIZATION TABLE FOR CITY OF ELK RIVER PAGE 5
SPECIAL ASSESSMENT: 20052 NORTHSTAR BUS PK. YEAR STARTED: 2006
INFO FOR 75-753-0205, DECLINING BALANCE METHOD
CURRENT PRINCIPAL: 129,720.67, APR INTEREST: 5.5000000
2006 BEGINNING PRINCIPAL LEFT: 129,720.67, APR INTEREST: 5.5000000
iod Payment Toward Interest Toward Principal Outstanding
6 20,701.26 7,729.19 12,972.07 116,748.60
2007 19,393.24 6,421.17 12,972.07 103,776.53
2008 18,679.78 5,707.71 12,972.07 90,804.46
2009 17,966.32 4,994.25 12,972.07 77,832.39
2010 17,252.85 4,280.78 12,972.07 64,860.32
2011 16,539.39 3,567.32 12,972.07 51,888.25
2012 15,825.92 2,853.85 12,972.07 38,916.18
2013 15,112.46 2,140.39 12,972.07 25,944.11
2014 14,399.00 1,426.93 12,972.07 12,972.04
2015 13,685.50 713.46 12,972.04 0.00
169,555.72 39,835.05 129,720.67
-THIS AMORTIZATION TABLE DISPLAYS A SCHEDULE OF PAYMENTS BASED ON THE NUMBER OF YEARS,
- STARTING YEAR, AND INTEREST RATE OF SPECIAL ASSESSMENT DISTRICT 20052 (NORTHSTAR BUS PK).
-IT DOES NOT TAKE INTO CONSIDERATION PAYOFFS OR ADVANCE PAYMENTS
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