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L <br />L <br />CITY COUNCIL <br />AGENDA ITEM 6C <br />STAFF ORIGINATOR: Michael Grochala <br />MEETING DATE: October 13, 2014 <br />TOPIC: Consider Resolution No. 14-121, Approving Settlement <br />Agreement with First Resource Bank, I35E/CSAH 14 <br />Interchange Improvement Project, Michael Grochala <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting City Council consideration to approve the special assessment settlement <br />agreement with First Resource Bank. <br />BACKGROUND <br />On October 24, 2011 the City approved and levied a special assessment to finance its portion of <br />the I -35E / CSAH 14 Interchange improvement project. The City assessed a total of <br />$772,650.00 against five parcels subsequently acquired by the Bank, as a successor in interest <br />to the original owner, East Lino Lakes, LLC. <br />The Bank appealed the assessment in Anoka County District Court as provided for under <br />Minnesota Statutes, Chapter 429. Trial was scheduled to start October 25a`, 2014. <br />The parties continued to discuss resolution of the pending appeal. At the October 6, 2014, <br />closed meeting of the city council the proposed settlement with the Bank was outlined. The <br />agreement provides for a reduced assessment of $620,000 and requires payment in full by <br />November 1, 2014. The difference between the original assessment amount and the settlement <br />amount is partially offset by a reduction of fees and interest that will result from prepayment of <br />those costs to Anoka County. The balance will be funded by Municipal State Aids Street funds <br />available for the interchange project. <br />RECOMMENDATION <br />Motion to approve Resolution No. 14-119. <br />ATTACHMENTS <br />1. Resolution 14-119 <br />