HomeMy WebLinkAboutCity Council Resolution 2020-165
C ITY OF P LYMOUTH
R ESOLUTION N O. 2020-165
R ESOLUTION R EVISING P REVIOUSLY A PPROVED R ESOLUTION FOR THE S CHMIDT L AKE
R OAD AND Z ACHARY L ANE P AVEMENT R EHABILITATION P ROJECT (ST209005)
WHEREAS, on April 28, 2020 the City Council granted a one year deferral of special assessments
for those projects where assessment hearings are held after April 28, 2020 and before December 31,
2020, whereby first installment shall be the first Monday in January 2022, and no interest shall accrue in
the deferral period from the date of assessment hearing until November 1, 2021; and
WHEREAS, a previously approved resolution for the Schmidt Lake Road and Zachary Lane
Pavement Rehabilitation Project needs to be revised in order to defer special assessments; and
WHEREAS, the second action of Resolution 2020-102 set the terms and interest rates of the
assessment with the first installment being payable on or before the first Monday in January, 2021; and
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the second action of Resolution 2020-102 shall be revised to declare that assessments
shall be payable in equal annual installments extending over a period of either 5 years, 10 years, or 15
years with the first of the installments to be payable on or before the first Monday in January, 2022, and
shall bear the interest rate of 2.67% percent for a 5 year term, 3.00% for a 10 year term, or 3.23% for a
15 year term per annum from November 1, 2021.
APPROVED by the City Council on this 26th day of May, 2020.