HomeMy WebLinkAboutCity Council Resolution 1998-700CITY OF PLYMOUTH
RESOLUTION NO. 98 -700
ADOPTING LEVY FOR HOUSING IMPROVEMENT FEES FOR A PROPERTY IN
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 o,,vuers h -ave beenaffi-)1rded the opportunity to pre pay all or a portion of the Fee
Ift Fee halm ees to 1:)@ paid 4)F pFop@Ftieswi
paFtialp ne+ WHEREAS, one of the property owners is expected to receive financial
assistance of $3,637.85 from the Federal Home Loan Bank to be used as a partial payment of the Fee,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA:
1. The proposed Housing Improvement Fee schedule, a cope 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.
The owner may at any time thereafter pay the City Finance Director the entire amount of the Fee
remaining unpaid. The interest accrued i*" interes* to December 31 of the year in which such
payment is made will have been included in that year's property tax statement. Such payment must
be made before November 15q,8 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 $!,�08;3,637.8544A.
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.