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CITY OF LITTLE CANADA <br />RESOLUTION DEFERRING CERTAIN SPECIAL ASSESSMENTS FOR <br />IMPROVEMENT NO. 94 -2, ARCADE STREET <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. 94- <br />2. <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 developed as <br />residential and residential building permits are issued by the City of Little Canada. <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 7.00% per annum from October <br />29, 1997, 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 />Assessment Roll to the County Auditor to be extended on the property tax list of the County. <br />Such deferred special assessment shall be collected and paid over in the same manner as other <br />municipal taxes. <br />The motion for adoption of the foregoing resolution was seconded by Council Member <br />Page 152 <br />