Resolution - #85-089 - 05/14/1985

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(2) (3) (4) (5) (6) Asses~nent Period - Improvements installed as a part of a new residential subdivision and petitioned for by the Developer shall be assessed for a period of five (5) years. New commercial and industrial subdivisions petitioned for by the Developer shall be assessed for a period of ten (10) years. Assessments for improvements not included as a part of a new development shall be assessed for a ten (10) year period. Interest Rate - The rate of interest on assessments shall be one and one-half percent (1-1/2%) greater than the rate of interest the City paid on the bonds which were issued to finance the project or, in the event no bonds were issued, then one and one-half percent (1-1/2%) greater than the average rate of interest on all bonds issued in the previous calendar year or the current market rate. Indexes - Depending upon the appropriate resolution or authorization, the construction cost index or consumer price index may be used. The construction cost index is a number computed by "Engineering News Record" derived from prices of construction materials, labor and equipment for the Minneapolis area base year of 1913 equals 100. The consumer price index is a number computed by the U.S. Department of Labor derived from prices of good and services for the Minneapolis area, base year of 1967 equals 100. Properties Not Assessed - Special assessments will not be levied against the properties described as follows: (a) Undeveloped lands laying within the floodway of major drainage channels. (b) Drainage ponds (defined by public easements) and major drainage ditch easements and DNR designated wetlands. (c) Rights-of-way of all limited access highways. (d) Cemetaries. (e) Major transportation rights-of-way. No building or landfill permits will be issued for such where assessments have been deleted from assessment rolls. Subsequent Assessment of Initially Non-Benefited Properties -When an improvement is constructed and could serve a property, but such property does not receive the benefit of said improvement when it is completed and then, at a later date, the property owner desires to receive the benefit of the improvement, a special assessment hearing shall be held to assess the improvement cost to the property. The amount to be assessed shall be that property's pro rata share of the improvement cost when initially constructed and assessed plus accrued interest from the time of the initial project assessment. The interest rate shall be the greater of the rate at which the project was initially assessed or the then going rate for similar City improvement projects. Resolution #85-89 Page 2 of 12