3.4. SR 10-28-1996City of
iver
MEMORANDUM
FROM:
DATE:
SUBJECT:
Mayor & City Council
Terry Maurer, City Engineer
October 28, 1996
Hillside Crossing II
**ITEM 3.4.**
Earlier this year the city issued bonds for the public improvements at the
Hillside Crossing II development. The developer has waived his right to
object to the special assessments and his right to a public hearing.
Attached is a resolution to adopt the assessment roll for this project. The
total amount to be assessed is $663,143.00. The assessments will carry an
interest rate of 6.55 percent and have a term of five years.
Action Requested
The Council is asked to approve the attached resolution.
13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
88'd
RESOLUTION 96 -
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL
FOR HILLSIDE CROSSING TWO
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
1996 Hillside Crossing Two 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:
o
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 benefitted 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 6.55 % over a period of five 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 this 28th day of October, I996.
ATTEST:
Henry A. Duitsman, Mayor
Sandra A. Thackeray, City Clerk
80/80'd
P~:60 966I-SE-IDO
ASSESSMENT ROLL FOR:
HILLSIDE CROSSING TWO
STREET AND UTILITY IMPROVEMENTS
CITY OF ELK RIVER
1 ELK RIVER MN 55330 HILLS[DE CROSSING ~O $129,143.~
LOT 1, BLOCK 1
2 ELK RI~R MN 55330 HILLSIDE CROSSING ~O $178,000.00
OUTLOT A, BLOCK 1
3 ELK RIVER MN 55330 HILLSIDE CROSSING ~ " $178,000.00
OUTLOT B, BLOCK 1
4 ELK RIVER MN 55330 HILLSIDE cROSSING ~O $178,000.00
OU~OT C, BLOCK 1
TOTAL: $663,143.00
230297AR.XLS
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