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CITY COUNCIL <br />AGENDA ITEM 1E <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton, Finance Director <br /> <br />MEETING DATE: December 11, 2017 <br /> <br />TOPIC: Consider Resolution No. 17-139, Authorizing Termination of <br />Deferred Assessment on PIN #24-31-22-11-0008, Outlot A Main <br />Street Shoppes <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />On October 24, 2011, the City Council approved Resolution No. 11-108, Adopting <br />Assessments for the I-35E/CSAH 14 Interchange improvements. A provision for the deferral <br />of unplatted/undeveloped land was incorporated into the adopted resolution pursuant to Minn. <br />Stat. § 429.061, subd. 2. <br /> <br />On November 27, 2017, staff received a letter from the owner of Outlot A Main Street Shoppes <br />(PIN #24-31-22-11-0008) requesting that the deferral be terminated. <br /> <br />Staff is requesting council consideration of the termination request. The deferred assessment <br />on the parcel in the amount of $165,491.79 (includes accrued interest) will be payable over a <br />term of 9 years at an interest rate of 5%. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of Resolution No. 17-139, Authorization Termination of <br />Deferred Assessment on PIN #24-31-22-11-0008, Outlot A Main Street Shoppes. <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 17-139 <br />