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CITY OF LINO LAKES RESOLUTION NO.03-202 RESOLUTION ADOPTING ASSESSMENT FOR THE CENTURY FARM NORTH DEVELOPMENT PROJECT WHEREAS, pursuant to the development agreement dated July 14, 2003, the developer waives all rights to a hearing on the conducting of local improvements which will benefit. the properties within the Century Farm North Development, NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, MINNESOTA: Such proposed assessment, a copy of which is attached hereto and made a part thereof, 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. Such assessment shall be payable in equal annual installments extending over a period of fifteen years, the first installment to be payable on or before the first Monday in January, 2004, and shall bear interest at the rate of seven percent (7%) 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, 2003. To each subsequent installment when due shall be added interest forone 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 Treasurer, except that no interest shall be charged if the entire assessment is paid by November 26, 2003; and the owner niay, at any time thereafter, pay to the City Treasurer 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 December 13 or interest will be charged through December 31 of the next succeeding year. 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 10th day of November, 2003