05/05/1975 Council Minutes - Laserfiche WebLink

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1 A special meeting of the Lino Lakes City Council was called to order at 8:05 P.M. on May 5, 1975 by Mayor Bohjanen. Councilmen present: Jaworski, Marier, McLean. absent: Zelinka. Mayor Bohjanen said this meeting had been called for the expressed purpose of discussing the Jandric property and the special assessments levied against that property. Mr. Locher had mailed a copy of deliquent taxes and assessments now due in that project. The special assessment deliquency figure is approximately $35,079.90 and the deliquent taxes amount to approximately $21,897.21. Mr. Marier felt that the development in the project is in jeopardy. Since this c relopment is not moving, Lino Lakes should take lien action. The $50,000.00 Certificate of Deposit should be used to pay the deliquent assessment and accrued interest. This Certificate of Deposit should then be replaced with another $50,000.00 Certificate of Deposit. The repayment of the $180,00.00 bond issue was discussed as to when the interest and principal payments are due. The question of a road bond for the surfacing of the streets, especially West Shadow Lake Drive, was discussed. There was doubt as to whether or not a bond had been posted for that street. If not, then either the affected residents or the City as a whole will have to pay for that street. Mr. Marier though this was unfair to the taxpayer. The Clerk is to check for the posting of bonds for the surfacing of the streets, particularlly in Lakes Addition #1. Mr. Marier said that with the proper legal advice, he moved to place a lien against the Jandric project, Mr. Emil Jandric, U. S. Lakes Enter- prises, Inc., formerly known as U. S. Lakes Development Co. and call for relase of the $50,000.00 Certificate of Deposit now on deposit, this Certificate to be replaced with a like $50,000.00, the monies to be used forth ayment of deliquent special assessments and accrued interest in the am nt of approximately $35,000.00 plus interest. Road bonds to be called in or money placed in the hands of Lino Lakes in order that all streets be brought up to City specifications by the end of 1975. Motion was seconded by Mr. McLean. The Clerk read a letter from Drovers State Bank that ce *tifies the existence of the $50,000.00 CD. The Council felt that there is an agreement other than this certification. Mr:.Jaworski was under the impression that in the agreement, the CD could only be used of the City did not have enough funds on hand to meet the principal and interest payments on the bonds. As long as there were funds available, then this CD could not be used. Mr. Marier thought that there was provision for the failure of the project the CD could be used in such an event. After some discussion as to when payment is due and how much, the vote on the motion was unanimous. Mr. Marier moved to adjourn at 8:45 P.M. Seco ded by Mr. Jaworski. Aye L_ X f,-L2_i/CLERK-TREASURER.