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No R-91-38
CITY OF FALCON HEIGHTS
C O U N C I L R E S O L U T I O N
Date 6/19/91
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A RESOLUTION APPROVING DEFERRAL OF BOTH PRINCIPAL AND INTEREST
WITH COMPOUNDING OF INTEREST ON THE SAME
WHEREAS, the Applicant has presented to the City Council an
application for deferral of special assessments pursuant to law;
and
WHEREAS, the Applicant is over age 65 and meets the other
requirements for deferral of special assessments;
NOW THEREFORE, BE IT RESOLVED, by the City Council of the
City of Falcon Heights, Minnesota, as follows:
1. Viola M. Gulden (Applicant) is hereby granted de~'erral on
payment of special assessment for the 1991 street improvement
on Parcel No. 16-29-23-44-0016 on the following conditions:
• 1) That the conditions described in the application for
deferral continue to exist.
2) This deferral shall terminate after a period of 10
years.
3) This deferral shall terminate upon:
a. applicant's death, provided that the spouse is
otherwise not eligible for the benefits hereunder;
b. the sale, transfer or subdivision of the property
or any part thereof;
c. if the property, for any reason, should lose its
homestead status.
d. if for any reason the City Council determines that
there would be no hardship to require immediate or
partial payment.
2. These sums otherwise due and payable for the special
assessments shall accrue compounded interest at the rate of 8
percent. The payment schedule is as follows:
•
•
Starting
Year Balance
1991
1992 2,146.72
1993 2,436.09
1994 2,630.98
1995 2,841.46
1996 3,068.77
1997 3,314.27
1998 3,579.42
1999 3,865.77
2000 4,175.03
2001 4,509.03
1
Total Interest
COMPOUND RECAP
--------------
--------------
Total Interest
Principal
Ending
Interest Payment Balance
2,146.72
289.37 0 2,436.09
194.89 0 2,630.98
210.48 0 2,841.46
227.32 0 3,068.77
245.50 0 3,314.27
265.14 0 3,579.42
286.35 0 3,865.77
309.26 0 4,175.03
334.00 0 4,509.03
360.72 0 4,869.76
$ 2,723.04
Balance Due in 2001
Moved by Gehrz
2,723.04
2,146.72
4,869.76
YEAS NAYS
BALDWIN
CIERNIA 5 In Favor
GE~iRZ
WALLIN 0 Against
JACOBS
Adopted by Council June 19, 1991
Approved by ~~ ~~~' '~-
Mayor
June 19 1991
Da e
Attested by ~;,~,,,~~~
C1. y C er
June 19. 1991
Da e
•