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7.0 <br /> <br />8.0 <br /> <br />METHOD OF PAYMENT <br /> <br />The preferred method for financing the proposed improvements is to set up a <br />Storm Sewer Improvement Tax District for the immediate area in accordance <br />with Minnesota Statutes 444. Under this method, the cost of the project would <br />be added to the taxes on the property within the District. Section 8.0 of this report <br />discusse~_ the cost allocation. <br /> <br />To establish a District, a headng would have to be held and an ordinance would <br />have to be adopted by a two-thirds vote of all the council members in accordance <br />with Minnesota Statute 444.17. The establishment of an ordinance would also <br />be subject to the rules of the City Charter. <br /> <br />The public hearing to establish the Distdct was held on November 9, 1999. The <br />Distdct is referred to as the "Mississippi River Storm Water Subdrainage District <br />No. 1'. An ordinance to establish the Distdct was introduced on November 9, <br />1999. The adoption of the ordinance creating the District is anticipated to be <br />concurrent with the approval of .the project. <br /> <br />COST ALLOCATION <br /> <br />The project cost allocations are based on the property tax capacities that were <br />provided by Anoka County. Table 2 shows the annual cost to each property <br />owner amortized over 10 years at 7 percent interest. <br /> <br />TABLE 2 <br /> <br />SUMMARY OF ANNUAL COST PER PROPERTY OWNER <br /> BASED ON TAX CAPACITY <br /> <br />Own&r " Parcel NO..' Annual Cost <br />Hunterinvestm~t " ' 35-32-25.23-0004 " $4,444 <br />Robert J. Dillion 35-32-25-23-0005 $749 <br />Dale Lee G!lyard ... 35-32-25-32-0022 $168 <br />Winslow Hoiasek.. ..~ . 35-32-25-23-0006 $735 <br /> <br />Ernest & R~by Miller ... 35-32-25-31-0007 $1,407 <br /> 35-32-25-24-0001 <br /> 35-32-25-31-0022 <br />Ramsey Holdings, Inc. 35-32-25-24-0001 $10,467 <br />· r 35-32--25-31 '0_02 .4 . <br /> 35'32'25-31'0025 <br />Lowell Zitzlof 35-32-25-31-0026 $2,284 <br /> . 35-32-25-24-0004 <br />R & D Properties 35-32-25;31-0.027 $1,707 <br /> 35-32-25-31-0028 <br /> 35-32-25-31-0010 <br />Sheltered Venture Properties 35-§~-25-31-0011 $13,818 <br />Inter ~ity Oil"' . .... " 35-32-25.31'-0012 $5,3.22_' <br />.By Others ...... NA $14,600 <br /> <br />Page 4 <br />\~-Ia01\Shared Docs\Municipal'C, RAMS EYe41'Ara417 FSR.doc <br /> <br />Total Annual Cost: <br /> <br />$55,700 <br /> <br />I <br />! <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I' <br /> <br />I <br />I <br />I <br /> <br /> <br />