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Council Member- Donnell adoption: introduced the following resolution and moved its COUNTY OF ANOKA CITY OF LINO LAKES RESOLUTION NO. 11 -108 ADOPTING ASSESSMENTS I -35E /CSAH 14 INTERCHANGE 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 the improvement of the I -35E /CSAH 14 Interchange between 21st Avenue and Otter Lake Road by bridge replacement and widening, roadway replacement and widening, reconstruction of existing freeway ramps and construction of new ramps, installation of traffic control signals, improvement to local road connections and construction of pedestrian /bicycle facilities NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, MINNESOTA: 1. Such proposed assessment, a copy of which is attached hereto, as Exhibit A, 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 2012, and shall bear interest at the rate of 5 percent per annum from the date of the adoption of this assessment resolution. To the first installment shall be added interest on the entire assessment from the date of this resolution until December 31, 2012. To each subsequent installment, when due, shall be added interest for one year on all unpaid installments. 3. Notwithstanding Paragraph 2 above, the assessments against the following unimproved properties are hereby deferred pursuant to Minn. Stat. § 429.061, subd. 2: EXHIBIT B If any unimproved parcel on which assessments are deferred hereunder is platted subsequent to the date of this resolution, or a structure or structures are erected on said parcel, the deferral shall terminate, and the entire balance of the payment, with accrued interest, shall be spread over a number of years equal to 30 minus the number of years between the date of this resolution and the event giving rise to termination of the deferral • (a part of a year shall constitute one year). If no event giving rise to termination of the deferral occurs by the 30th anniversary of the date of this Resolution, the entire balance 3