HomeMy WebLinkAboutCity Council Resolution 1998-699CITY OF PLYMOUTH
RESOLUTION NO. 98 -699
ADOPTING LEVY LEVIES FOR HOUSING IMPROVEMENT FEES FOR THE
SHENANDOAH TOWNHOMES HOUSING IMPROVEMENT AREA
WHEREAS, on January 7, 1998, after holding the required public hearing, the City Council adopted
Resolution No. 98-28, approving the maximum Housing Improvement Fee for the Shenandoah
Townhomes Housing Improvement Area under Minnesota Statutes 428A; and,
WHEREAS, on September 16, 1998, the City Council adopted Resolution No. 98-581, -approving the
sale of bonds to finance the costs for the Housing Improvements for the Shenandoah Townhomes
Housing Improvement Area; and,
WHEREAS, the bonds sold determine the actual Housing Improvement Fee and the interest rate for
the Fee: and,
WHEREAS, property owners have been afforded the opportunity to pre -pay all or a portion of the Fee
prior to adoption of this Fee schedule, resulting in lower Fee balances to be paid for properties with
partial pre -payments;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA:
1. The proposed Housing Improvement Fee schedule, a copy of which is attached hereto and made a
part hereof, is hereby accepted and shall constitute the Housing Improvement Fee against the lands
named therein and each tract of land therein included is herebv found to be benefited bv_ the
proposed Housing Improvement in the amount of the Fee levied against it.
2. Such Fee shall be payable in equal annual installments including principal and interest over a
period of 15 years. The first installment to be payable on or before the first Monday in January_ ,
1999, and shall bear interest at the rate of 7.50% per annum from September 16, 1998
3. The owner of any property so levied may, at any time prior to the certification of the Housing
Improvement Fee to the Countv Finance Director, which is November 30, 1998, pay the whole of
the Fee on such property with interest accrued to the date of payment to the Citv Finance Director.
For payments received between May 1, 1998 and September 15, 1998, interest shall be accrued at
the rate of 8% from May 1, 1998. For payments received after September 15, 1998, interest shall
be accrued at the rate of 7.50% from September 16, 1998. The owner may at anv time thereafter
pay the City Finance Director the entire amount of the Fee remaining unpaid_ The interest
accrued,,vi* interes* to December 31 of the year in which such payment is made will have been
included in that vear's property tax statement. Such payment must be made before November
154,0 or interest will be charged through December 31, of the next succeeding year.
4. The City Clerk shall forthwith transmit a certified duplicate of this Fee schedule to the County
Finance director to be extended on the proper tax lists of the County and such Fees shall be
collected and paid over in the same manner as other municipal taxes.
5. The total cost of the Housing Improvement Fee levied by this resolution is $1,W016,983.180W.
6 _If anv of the terms of this Resolution are inconsistent with terms of Resolution 98-28, the terms in { Formatted: Bullets and Numbering �
this Resolution shall supersede and replace the terms of Resolution 98-28.
Adopted by the Plymouth City Council on November 18, 1998.