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IMP. NO. <br />2013-08 - <br />PINETREE <br />POND <br />ASSESSMENT <br />MINUTES OF' THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />SEPTEMBER 25, 2013 <br />Pursuant to due call and notice thereof a special meeting of the City <br />Council of Little Canada, Minnesota was convened on the 25th day of <br />September, 2013 in the Council Chambers of the City Center located at <br />515 Little Canada Road in said City. <br />Mayor Bill Blesener called the meeting to order at 7:15 p.m. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL: Mayor <br />Council Member <br />Council Member <br />Council Member <br />ABSENT: <br />ALSO PRESENT: <br />Council Member <br />City Administrator <br />City Engineer <br />City Clerk <br />Mr. Bill Blesener <br />Ms. Shelly Boss <br />Mr. John Keis <br />Mr. Rick Montour <br />Mr. Mike McGraw <br />Mr. Joel R. Hanson <br />Mr. Lee Elfering <br />Ms. Kathy Glanzer <br />Mayor Blesener opened the public hearing to consider adoption of the <br />assessment for Improvement No. 2013 -08, the improvement of Pinetree <br />Pond development by streets, utilities, grading, and drainage including <br />storm sewer. <br />The City Engineer reported that total project costs for the Pinetree Pond <br />development are $855,000. These costs are proposed to be assessed at <br />100% to the 15 lots in the development at a rate of $57,000 per lot. The <br />assessment will be spread over a 3 -year period at an interest rate of 3.75 %. <br />The Engineer presented the proposed assessment roll. <br />Blesener asked if assessments would be required to be paid in full as each <br />lot is sold. The City Administrator replied that that is correct. The <br />Administrator also indicated that the developer will be paying the City <br />$100,000 per lot which includes the $57,000 assessment. The <br />Administrator also indicated that the assessment details are included in the <br />Pinetree Pond Development agreement. Interest will accrue on the <br />assessment until it is paid in full, which is at the end of the three year <br />assessment period or when the lot is sold, whichever is sooner. The <br />interest paid is above the $100,000 per lot cost to the developer. <br />