25-37 - Resolution - Colonial Woods - Adopting Assessment - 2025 Street Reconstruction

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CITY OF LINO LAKES RESOLUTION NO. 25-37 A RESOLUTION ADOPTING ASSESSEMENT FOR THE 2025 STREET RECONSTRUCTION AND SEWER AND WATER EXTENSION PROJECT COLONIAL WOODS WHEREAS, pursuant to proper notice duly given as required by law, the Council has met and heard and passed upon all objections to the proposed assessment for 2025 Street Reconstruction and Sewer and Water Extension, Colonial Woods; and WHEREAS, the Clerk has notified the Council that such proposed assessment roll has been completed and is on file for public inspection. NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes: 1. Such proposed assessment, a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments extending over a period of 15 years, the first of the installments to be payable on or before the first Monday in January 2026, and shall bear interest at the rate of 5 percent per annum from November 1, 2025. To the first installment shall be added interest on the entire assessment from November 1, 2025 until December 31, 2025. To each subsequent installment, when due, shall be added interest for one year on all unpaid installments. 3. The owner of any property so assessed may, at any time prior to certification of the assessment to the county auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City, except that no interest shall be charged if the entire assessment is paid by November 1, 2025; and he/she may, at any time thereafter, pay to the City the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the next succeeding year. 4. The Clerk shall forthwith transmit a certified duplicate of this assessment to the county auditor to be extended on the property tax lists of the county. Such assessments shall be collected and paid over in the same manner as other municipal taxes. Adopted by the Council of the City of Lino Lakes this 24th day of March, 2025.