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7.0 METHOD OF PAYMENT <br /> <br />8.0 <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 />discusses the cost allocation. <br /> <br />To establish a District, a hearing 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 District was held on November 9, 1999. The <br />District is referred to as the "Mississippi River.Storm Water Subdrainage District <br />No. 1". An ordinance to establish the District 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 />Owner Parcel No. Annual Cost <br />Hunter Investment 35-32-25-23-0004 $4,444 <br />Robert J, Dillion 35-32-25-23-0005 $749 <br />Dale Lee Gilyard 35-32-25-32-0022 $168 <br />Winslow Hoiasek . 35-32-25-23-0006 $73.5 <br /> 35-32-25-31-0007 <br />Ernest & Ruby Miller 35-32-25-24-0001 $1,407 <br /> 35-32-25-31-0022 <br />Ramsey Holdings, Inc. 35-32-25-24-0001 $10,467 <br /> 35-32-25-31-0024 <br /> 35-32-25-31-0025 <br />Lowell Zitzlof 35-32-25-31-0026 $2,284 <br /> 35-32-25-24-0004 <br /> 35-32-25-31-0027 <br />R & D Properties 35-32-25-31-0028 $1,707 <br /> 35-32-25-31-0010 <br />Sheltered Venture Properties 35-32-25-31 -'6011 $13,818 <br />Inter City ~il 35-32-;~5-~1-0012 $.5,322 <br />B.Y Others .. NA $14,600. <br /> <br />Page 4 <br />\\Ha01\Shared Docs\Municipal~RAMSEY~417~ra417FSR.doc <br /> <br />Total Annual Cost: <br /> <br />$55,700 <br /> <br /> <br />