99-082 RESRESOLUTION 99 - $2
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL FOR
EAST ELK RIVER WATER AND SEWER LATERAL 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 Water and Sewer Lateral 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:
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 as 6.52% over a period of fifteen 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/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.
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 8th day of November, 1999.
...... ~tepl~ ' ' ' g,~M-~m
Sandra A. Peine, City Clerk
Hohlen Property Elk River Crossing Commercial Plat
$207,000 Laterals
Principal Outstanding: 207,000.00
Interest Rate: 6.52%
Interest Start Date: Sept. 1, 1999
Term: 15
Payment Year
Payment Principal Interest
2OO0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
31,795.20 13,800.00 17,995.20
26,396.64 13,800.00 12,596.64
25,496.88 13,800.00 11,696.88
24,597.12 13,800.00 10,797.12
23,697.36 13,800.00 9,897.36
22,797.60 13,800.00 8,997.60
21,897.84 13,800.00 8,097.84
20,998.08 13,800.00 7,198.08
20,098.32 13,800.00 6,298.32
19,198.56 13,800.00 5,398.56
18,298.80 13,800.00 4,498.80
17,399.04 13,800.00 3,599.04
16,499.28 13,800.00 2,699.28
15,599.52 13,800.00 1,799.52
14,699.76 13,800.00 899.76
319,470.00 207,000.00 112,470.00
Principal
Outstanding
207,000.00
193,200.00
179,400.00
165,600.00
151,800.00
138,000.00
124,200.00
110,400.00
96,600.00
82,800.00
69,000.00
55,200.00
41,400.00
27,600.00
13,800.00
12/8/99Eastelkr