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HomeMy WebLinkAboutCity Council Resolution 2016-148 C ITY OF P LYMOUTH R ESOLUTION N O. 2016-148 R ESOLUTION A DOPTING A SSESSMENTS FOR P ONDEROSA S TREET R ECONSTRUCTION P ROJECT (16008) WHEREAS, pursuant to proper notice duly given as required by law, the Council has met and heard and passed upon all objections to the proposed assessment for the improvement of the streets including Garland Lane north of 25th Avenue, Fountain Lane north of 25th Avenue, 27th Avenue west of Fountain Lane, and 60 feet of Everest Lane east of Fountain Lane by reconstruction of streets with the installation of bituminous pavement, concrete curb and gutter installation, storm sewer installation, water main installation, and all necessary appurtenances. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA: 1. Such proposed assessment, a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such assessments between $0 and $5,000 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, 2017, and shall bear the interest rate of 2.89% per annum for a 5 year assessment period. Therefore, the first installment shall be added interest on the entire assessment from November 1, 2016 until December 31, 2017. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 3. Such assessments between $5,001 and $10,000 shall be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable on or before the first Monday in January, 2017, and shall bear the interest rate of 3.52% per annum for a 10 year assessment period. Therefore, the first installment shall be added interest on the entire assessment from November 1, 2016 until December 31, 2017. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 4. Such assessments over $10,000 shall be payable in equal annual installments extending over a period of 15 years, the first of the installments to be payable on or before the first Monday in January, 2017, and shall bear the interest rate of 3.85% per annum for a 15 year assessment period. Therefore, the first installment shall be added interest on the entire assessment from November 1, 2016 until December 31, 2017. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 5. The owner of any property so assessed may, at any time prior to certification of the assessment to Hennepin County, pay the whole of the assessment on such property with interest accrued to the date of payment to the City of Plymouth Finance Department, except that no interest shall be charged if the entire assessment was paid by October 31, 2016 and the property owner may at any time there after, pay the City of Plymouth Finance Department the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made by November 15 or interest will be charged through December 31 of the next succeeding year. The owner of any property so assessed may also, until October 31, 2016, make a partial payment of a least $100 to the City of Plymouth Finance Department. 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 November 15 of the year in which such prepayment is made. 6. The City Clerk shall forthwith transmit a certified duplicate of this assessment to Hennepin County 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. 7. The total cost of the improvement assessed by this resolution is $207,582.24. APPROVED by the City Council on this 26th day of April, 2016.