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Commissioner introduced the following resolution and moved for its adoption: <br />RESOLUTION #HRA-10-03-XXX <br />RESOLUTION ESTABLISHING THE WAVIER OF INTEREST AND PENALTIES ON <br />RTC SPECIAL ASSESSMENTS <br />WHEREAS, on June 26, 2009, the City acquired the foreclosed parcels known as <br />Ramsey Town Center for the purchase price of $6,764,429 and the abatement of special <br />assessments in the principal amount of $5,851,197, $1,420,976 of interest applied by the city and <br />$1,432,618 of penalties and interest applied by the county for a total assessment amount of <br />$8,704,791; and <br />WHEREAS, future land sales were to repay the city for the land purchase including <br />purchase price and assessments; and <br />WHEREAS, the principal portion of the assessments will be included in determining the <br />per square-foot cost of the land as the city did not experience any financial loss in not collecting <br />the interest and penalties; and <br />WHEREAS, authorization was given to waive the interest and penalties from the <br />financial books and include the principal portion only as true land costs. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the finance officer is authorized to remove the applicable penalties and interest <br />pertaining to the RTC assessments and the land costs will be based on the principal <br />portion of the assessments only. <br />The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and <br />upon vote being taken thereon, the following voted in favor: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />whereupon said resolution was declared duly passed and adopted by the Ramsey HRA this the <br />13th day of April, 2010. <br />Chairperson <br />ATTEST: <br />HRA Executive Director <br />Resolution #HRA 10-04-XXX <br />