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019 'SS (6iviadit <br />515 Lit IIe Canada Road, LiaLIc Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.litl lc- canada.rnn. us <br />MEMORANDUM <br />"1'O: Mayor I3lesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 21, 201 1 <br />RE: Recertify Deferred HIA Assessment <br />Canabury Square — Unit 105 <br />MAYOR <br />1-30! lilesener <br />COUNCIL <br />Rick Montour <br />Jolu, Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel 12. PWnson <br />Canabury Square Condominium Unit Jt 105 has been foreclosed on, and is being <br />purchased by Elizabeth Jones. A closing date of October 31, 2011 has been scheduled. <br />Ms. Jones is requesting that the deferred assessment on this unit (which becomes payable <br />at the time of sale) be certified to property taxes. There are 13 years remaining on this <br />initial assessment, so based on the policy recently adopted by the Council, the unpaid <br />principle and interest accrued to date would be re- assessed against this property. "l'hat <br />amount is as follows: <br />Principle & 2009 Interest $21,143.20 <br />2010 Interest 1,187.85 <br />2011 Interest 1 187.85 <br />Amount to be Certified $23,518.90 <br />If approved by the Council, this balance will be certified for 13 years, commencing in <br />2012, at 5.75% interest. <br />