Agenda - Council - 12/13/2016 - Laserfiche WebLink

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procedural and substantive objections to the Assessment, including without limitation any right to a hearing and any right to appeal the levying of the Assessment. 5. Payment of Lot 1, Block 1 Assessment. The Assessment for Lot 1, Block 1 of the Plat shall be payable in equal semi-annual installments over a period of twenty (20) years, the first installment of which shall be due not sooner than October 15, 2012. The fixed interest rate applied to the Assessment shall be: (a) if the City elects to finance the Project Costs internally, a fixed rate not greater than two percent(2%)per annum in excess of the"prime rate" as published in The Wall Street Journal on the date of this Agreement; or (b) if the City elects to finance Project Costs through issuance of bonds (the `Bonds"), the fixed rate payable on the Bonds plus any discount and costs of issuance of the Bonds actually payable by the City, not to exceed two percent (2%) of the aggregate amount of the Bonds. 6. Deferred Assessments. The Assessments for Outlots B and D of the Plat shall be payable in equal semi-annual installments over a period of twenty(20)years, the first installment of which shall be due not sooner than May 15, 2015, except that if Owner conveys either of said outlots to a parry unaffiliated with Owner, the due date of the first installment of the Assessments for that outlot may be accelerated by the City to the May 15 next succeeding the date of such conveyance. The interest rate on the Assessments levied against Outlots B and D shall be the same as the interest rate specified in Section 5 above. Said interest will accrue beginning on the date of the bond sale. 7. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an original,but all of which together shall constitute a single agreement. CITY OF RAMSEY By: Its: Mayor ATTEST By: Its: City Administrator ALPHA DEVELOPMENT/Legacy Christian Academy Development Contract Page 15 of 16