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CITY OF LITTLE CANADA <br />RESOLUTION NO. <br />RESOLUTION FOR REASSESSMENT OF PROJECT 93 -13 <br />WHEREAS, pursuant to proper notice duly given, as required <br />by law, the City Council has met and heard and passed upon all <br />objections to the proposed reassessment for the following <br />improvements: <br />Street reconstruction and installation of sewer, curband <br />gutter: <br />North Park except the East 100 feet of the North 1/2 of Lot <br />10, Block 1 North Park. <br />PIN No. 07- 29 -22 -12 -0051 <br />WHEREAS, the original assessment against the above - described <br />property for Little Canada Improvement Project 93 -13 as set forth <br />in the Assessment Roll dated October 24, 1995, was in the amount <br />of $4,473.25, payable in annual installments extending over a <br />period of ten (10) years; <br />WHEREAS, the reassessment of the property is required as a <br />result of the Findings of Fact, Conclusions of Law and Order of <br />the Honorable M. Michael Monahan, of Ramsey County District <br />Court, which specifically found that the benefit to the property <br />as a result of the improvement was $3,000.00. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Little Canada, Minnesota, that: <br />1. Attached and incorporated herein as Exhibit A is the <br />proposed Reassessment for PIN No. 07- 29 -22 -12 -0051, which is <br />hereby accepted and which shall constitute the special <br />reassessment against the land named therein, and the property <br />therein included is hereby found to be presently benefited by the <br />improvement in the amount of the reassessment levied against it. <br />2. The reassessment shall be payable in equal installments <br />extending over a period of ten (10) years, the first of the <br />installments to be payable on or before the first Monday in <br />January, 1996. The first installment shall bear interest at the <br />rate of Eight and Six - Tenths (8.6 %) percent on the principal <br />amount of the unpaid assessment. The second through tenth <br />installments shall bear interest on the unpaid principal balance <br />at the rate of seven and one - quarter (7.25 %) percent per annum <br />and the unpaid principal balance shall be amortized over a period <br />of nine (9) years. Each installment when due shall include <br />interest from one year on all unpaid installments. <br />Page 12 <br />