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CITY OF LITTLE CANADA <br />RESOLUTION DEFERRING CERTAIN SPECIAL ASSESSMENTS FOR <br />IMPROVEMENT NO. 92 -5, LAHORE ROAD <br />IMPROVEMENT NO. 92 -11, VANDERBIE STREET /ALLEN AVENUE <br />IMPROVEMENT NO. 92 -3, EDGERTON STREET <br />WHEREAS, <br />Pursuant to property notice duly given as required by law, the City <br />Council has met and heard and passed upon all objections and <br />amendments to the proposed assessment for Improvements 92 -5, 92 -11, <br />and 92 -3. <br />WHEREAS, <br />The City Council has determined that certain special assessments are <br />deferred as indicated on the attached Deferred Assessment Roll <br />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 <br />and made a part hereof, is hereby adopted and approved and shall <br />constitute a deferred special assessment against the land named <br />herein, and each tract of land therein included is hereby found to <br />have received benefit by the improvement of the amount of the <br />deferred special assessment levied against it. <br />2. The special assessment shall be deferred, with interest accruing <br />on the amount of the special assessment, pursuant to Minnesota <br />Statutes Section 429.061, until property is developed as residential <br />and residential building permits are issued by the City of Little <br />Canada. <br />3. Upon the occurrence of the above: <br />a) The deferred assessment shall be payable in annual <br />installments extending over a period of ten years, with <br />the first installment to be payable on or before the <br />first Monday of January of the year following the occurrence <br />of any of the events mentioned above, and <br />b) The deferred assessment shall bear interest at the rate of <br />6.25% per annum from October 28, 1993, and <br />c) To the first installment shall be added interest on the <br />entire deferred assessment from October 28, 1993, until <br />December 31 of the year in which the first installment is <br />payable, and <br />d) To each subsequent installment when due shall be added <br />interest for one year on all unpaid installments. <br />Page 40 <br />