HomeMy WebLinkAboutCity Council Resolution 2007-493CITY OF PLYMOUTH
RESOLUTION NO. 2007-493
INTEREST RATE AND PAYBACK PERIOD
2007 STREET RECONSTRUCTION PROJECT
ASSESSMENTS FROM $0-$5,000
CITY PROJECT NO. 7101
WHEREAS, pursuant to proper notice duly given as required by law, the Council on October 23,
2007 met and heard and passed upon all objections to the proposed assessment for the
improvement of the area located west of County Road 101 to, and including, Queensland Lane,
from the Luce Line Trail to 6th Avenue, including 2"a Avenue and -1 Avenue west of
Queensland Lane, and Narcissus Lane north of 6th Avenue, but excluding 6t1' Avenue east of
Queensland Lane, by reconstruction of streets with the installation of bituminous pavement,
concrete curb and gutter installation and repair, storm sewer installation and repair, and all
necessary appurtenances; and
WHEREAS, such assessments were accepted and constituted the special assessment against the
lands named therein, and each tract of land therein included was hereby found to be benefited by
the proposed improvement in the amount of the assessment levied against it. Said assessments
adopted by Resolution No. 2007-456 and Resolution No. 2007-457 were in excess of $5,000;
and
WHEREAS, the owner of any property so assessed may also, within 30 days from the adoption
of the resolution, make a partial prepayment of at least $100 to the City Treasurer. The
remaining unpaid balance will be certified as the new assessment amount. The owner may also
at any time prior to November 15, of any year, pay the remaining unpaid principal balance with
interest accrued to December 31 of the year in which such prepayment is made.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA:
1. If the prepayment of assessments adopted by Resolution No. 2007-456 and Resolution No.
2007-457 result in a remaining balance of $5,000 or less, the assessment shall be payable in
equal annual installments extending over a period of 5 years, the first of the installments to
be payable on or before the first Monday in January, 2008, and shall bear interest at the rate
of 5.0% per annum for a 5 year assessment period from the date of adoption of this
assessment resolution. To the first installment shall be added interest on the entire
assessment from the date of this resolution until December 31, 2008. To each subsequent
installment when due shall be added interest for one year on all unpaid installments.
2. The Clerk shall forthwith transmit a certified duplicate of this assessment to the County
Finance Director to be extended on the property tax lists of the County. Such assessments
shall be collected and paid over in the same manner as other municipal taxes.
3. The total cost of the improvement assessed by this resolution and Resolution No. 2007-456
and Resolution No. 2007-457 is yet to be determined and shall be based on partial
prepayments to be made.
Adopted by the City Council on November 27, 2007.
Resolution No. 2007-493
Page 2 of 2
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the
Plymouth City Council on November 27, 2007, with the original thereof on file in my office, and
the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
day of
City Clerk