Resolution - #94-10-235 - 10/11/1994

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Councilmember Hardin introduced the following resolution and moved for its adoption: RESOLUTION #94-10-235 RESOLUTIJON ADOPTING ASSESSMENT FOR IMPROVEMENT PROJECT //93- 12 (BITUMINOUS SURFACING OF 177TH AVENUE N.W. FROM ST. FRANCIS BOULEVARD N.W. TO ITS EASTERN TERMINUS) WHEREA$~ pursuant to proper notice duly given as required by law, the Ramsey City Council has met and heard and passed upon all obj~tions to the proposed assessment for the improvements to 177th Avehue N.W. from St. Francis Boulevard N.W. to its eastern terminus. NOW THEi~EFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That such proposed assessment, a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the lands named there[n, and each tract of land therein included is hereby found to be benefited by the improvement in the amount of the assessment levied against it. 2) That such current assessment shall be payable in annual installments extending over a period of ten years, the first of the installments to be payable with the first tax rolls of 1995 and shall bear interest at the rate of 9.75 percent annum from the date of the adoption of this assessment resolution. To the first installment shall be added interest on the entire assessment from the date of this resolution until December 31, 1995. To each subsequent installment, when due, shall be added interest for one year on all unpaid installments. 3) That Payment of the deferred assessment shall be deferred until the occurrence of the first of the ,following "triggering" events: a. January 1, 2004 b. Upon the platting or subdividing of the subject parcel. c. Upon construction of improvements on the subject parcel. "Improvements" as used herein shall mean any structure the construction of which requires a building permit. The d?ferred assessment shall be payable in annual installments extending over a period of ten ye~trs, the first of the installments payable with the first tax roll of the year subsequent to the year in which the triggering event occurs. Interest on the assessment shall accrue at the rate of two percent above the prime rate commencing on January 1 of the year in which the first installment comes due. Upon .the occurrence of a triggering event, the City Council by resolution shall give notice to the parcel owner and the County Auditor in order for the assessment to be properly place on the'County tax records for collection as aforestated. 4) That the owner of any property so assessed may, at any time prior to certification of the assessment to the Anoka County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City Finance Department, exeep~ that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of this resolution. The owner may, at any time thereafter, pay to the City Finane. e Department the entire amount of the assessment remaining unpaid, with interest accru~ to December 31 of the year in which such payment is made. Such payment must be made before November 1, or interest will be charged through December 31 of the succe~iing year.