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CITY OF LITTLE CANADA <br />RESOLUTION DEFERRING CERTAIN SPECIAL ASSESSMENTS FOR <br />IMPROVEMENT NO. 2004-11, NOEL DRIVE <br />WHEREAS, <br />Pursuant to proper notice duly given as required by law, the City Council has met and heard and <br />passed upon all objections and amendments to the proposed assessment for Improvement No. <br />2004 -11. <br />WHEREAS, <br />The City Council has determined that certain special assessments are deferred as indicated on the <br />attached Deferred Assessment Roll relating to the real property described thereon. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA, THAT: <br />1. The Deferred Assessment Roll, a copy of which is attached hereto and made a part hereof, is <br />hereby adopted and approved and shall constitute a deferred special assessment against the land <br />named herein, and each tract of land therein included is hereby found to have received benefit by <br />the improvement of the amount of the deferred special assessment levied against it. <br />2. The special assessment shall be deferred, with interest accruing on the amount of the special <br />assessment, pursuant to Minnesota Statutes Section 429.061, until property is subdivided and <br />developed, or in the case of senior deferment: upon the deal of the owner (provided surviving <br />spouse is not eligible for deferment); the sale, transfer or subdivision of the subject property; the <br />loss of homestead status of subject property; or a change of circumstances of owner resulting in <br />there no longer being a hardship as defined previously. <br />3. Upon the occurrence of the above: <br />a) The deferred assessment shall be payable in annual installments extending over a period <br />of ten years, with the first installment to be payable on or before the first Monday of <br />January of the year following the occurrence of any of the events mentioned above, and <br />b) The deferred assessment shall bear interest at the rate of 5.75% per annum from October <br />17, 2005, until December 31 of the year in which the first installment is payable, and <br />c) To each subsequent installment when due shall be added interest for one year on all <br />unpaid installments. <br />4. The City Administrator shall forthwith transmit a certified duplicate copy of this Deferred <br />7 <br />