Agenda - Council - 10/13/2020 - Laserfiche WebLink

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Assessment deferral for senior citizens and totally disabled persons Under Minnesota Statute Sections 435.193 to 43 5.195, and City Code Section 46.4, the Council may, in its discretion, defer the payment of this special assessment for any homestead property owned by persons 65 years of age or older or by persons retired by virtue of a permanent and total disability. When deferment of the special assessment has been granted and is terminated for any other reason provided in that law and City Code Section 46.4, all amounts accumulated plus applicable interest become due. Any assessed property owner meeting the requirement of this law and City Code Section 46.4, may, within 30 days of the confirmation of the assessment, apply to the City Clerk for the prescribed form for such deferral of payment of this special assessment on his/her property. Right to appeal to District Court An owner may appeal an assessment to District Court pursuant to Minnesota Statutes Section 429.081 by serving notice of the appeal upon the mayor or clerk of the City within 30 days after the adoption of the assessment, and filing such notice with the District Court within 10 days after service upon the mayor or clerk. Dated: September 25, 2020 Bruce Westby, P.E. City Engineer SCHEDULE OF PAYMENT The special assessment of such improvement to your property is $184,818.90. This cost will be assessed over 5 years at 2.27 percent interest per year. Listed below is a breakdown of the yearly principal and interest costs. Please note the change in the first year's interest cost. The first year's interest covers a period of 444 days from October 13, 2020 to December 31, 2021. Year Principal 2.27% Interest Payment Amount Pay-off Balance $184,818.90 2021 $36,963.78 $5,103.43 $42,067.21 $147,855.12 2022 $36,963.78 $3,356.31 $40,320.09 $110,891.34 2023 $36,963.78 $2,517.23 $39,481.01 $ 73,927.56 2024 $36,963.78 $1,678.16 $38,641.94 $ 36,963.78 2025 $36,963.78 $ 839.08 $37,802.86 $ 0 Total $184,818.90 $13,494.21 $198,313.11 Please call Bruce Westby, City Engineer, at 763-427-1410 with questions.