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5.6. & 5.7. SR 08-29-1994 MS! ISII,mll 1:IGl~mJlS eMl fNGINffRtNG fNVrRON,\.ifNTA! MUNIC1PA! fJ/ANN/NG :;iwcruRAI eSIJIVEVING T~AIFJ{ fRAN5POfr",TlON 1326 Eoogy Park Drive 51. Paul, MN 55108 612.644-4389 f",: 612,644.9446 9800 5helard Parkway e Minneapol;" MN 55441 612.546.0432 Fax: 612.54406398 :2::0-d ITEM 5.6 & 5.7. August 25, 1994 File: 230-215-58 Mr. Pat Klaers City Administrator City of Elk River 13065 Orono Parkway P.O. Box 490 Elk River, MN 55330 RE: NORTHEAST AREA TRUNK SEWER AND WATER ASSESSMENT RATES Dear Mr. Klaers: As you requested, I have recalculated the assessment rate for the Northeast Area improvements based on the most current information available relative to assumptions for the future. This recalculation was based on the following assumptions you relayed to me: . There would be no green acre deferral of any properties within the district. The only assessment deferral which needs to be considered is for the trunk watermain from Hillside 1st Addition to the new water tower site. All properties currently covered under developer agreements and the proposed Hillside Crossing development would be assessed $3,800 per acre. The interest rate for the assessments would be 7%. Two-thirds of the Hillside Crossing development assessments would be over a 10- year period. The remaining one-third would be over a 3-year period. The remaining undeveloped portions of the Hillside Estates area would be extended to a 10-year assessment period. . . . . . Based on all of the above assumptions and utilizing the same rationale we had previously used, I would recommend an assessment rate of $2,850 per acre. This takes into account the cost of the improvements, the proposed improvements yet to be constructed, the small amount of assessment deferral, and the length of time of the assessment plus interest rate. Attached for your review is a revised copy of the assessment roll based on this $2,850 per acre rate or the $3,800 per acre rate for areas covered by Developer's Agreements. finally, attached is a resolution adopting this new roll for the City Council's consideration at their meeting on August 29, 1994. 'n~d ~s ~sw 6~:S~ nH~ ~6-s~-~n~ . . . :z:0"d Mr. Pat K1aers August 25, 1994 Page Two If you have any questions regarding this calculation or would like additional information, please give me a call. Sincerely, MSA, CONSULTING ENGINEERS ~~~ TJM:tw Enclosures 215-2505...& 'n~d ~s ~sw 0:Z::S~ nH~ ~6-s~-~n~ . . , ~ ~~ g m .~ 888 U~ ri ~ "''Z "'~"' "'<:> ....3:"' <~"' -~~ ~ "'~"':;! wcn~.- ~Hg 'Z!::~ffi' ~~~~ rfi~w~ cn~I-M ~!!,:3 ;_ ~ .. 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RESOLUTION 94 - 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 Northeast Area Trunk Utility and 193rd Avenue 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. 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 and interest as 7% over a period of 3 or 10 years. . 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 30, 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 in the same manner as other municipal taxes. Passed and adopted this _ day of .19_. Henry A. Duitsman, Mayor ATTEST: . Sandra A. Thackeray, City Clerk