Resolution - #10-04-004 - HRA - 04/13/2010

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Commissioner Look introduced the following resolution and moved for its adoption: RESOLUTION #HRA-10-04-004 RESOLUTION ESTABLISHING THE WAVIER OF INTEREST AND PENALTIES ON RTC SPECIAL ASSESSMENTS WHEREAS, on June 26, 2009, the City acquired the foreclosed parcels known as Ramsey Town Center for the purchase price of $6,764,429 and the abatement of special assessments in the principal amount of $5,851,197, $1,420,976 of interest applied by the city and $1,432,618 of penalties and interest applied by the county for a total assessment amount of $8,704,791; and WHEREAS, future land sales were to repay the city for the land purchase including purchase price and assessments; and WHEREAS, the principal portion of the assessments will be included in determining the per square-foot cost of the land as the city did not experience any financial loss in not collecting the interest and penalties; and WHEREAS, authorization was given to waive the interest and penalties from the financial books and include the principal portion only as true land costs. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the finance officer is authorized to remove the applicable penalties and interest pertaining to the RTC assessments and the land costs will be based on the principal portion of the assessments only. The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Ramsey, and upon vote being taken thereon, the following voted in favor: Chairperson Dehen Commissioner Look Commissioner Ramsey Commissioner Elvig Commissioner McGlone Commissioner Wise and the following voted against the same: None and the following abstained: None and the following were absent: Commissioner Jeffrey