HomeMy WebLinkAbout2017-139 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-139
AUTHORIZING TERMINATION OF DEFERRED ASSESSMENT ON
PIN #24-31-22-11-0008, OUTLOT A MAIN STREET SHOPPES
WHEREAS, the City Council for the City of Lino Lakes previously approved Resolution No.
11-108, which adopted special assessments for the I-35E/CSAH 14 Interchange improvements;
and
WHEREAS, several assessments against unimproved properties were deferred pursuant to
Minn. Stat. § 429.061, subd. 2, including the assessment against PIN #24-31-22-11-0006 in the
amount of $135,120; and
WHEREAS, PIN #24-31-22-11-0006 was split into two lots in 2013, PIN #24-31-22-11-0007
(L1 Bl Main Street Shoppes) and PIN #24-31-22-11-0008 (Outlot A Main Street Shoppes), and
the deferred assessment amount plus accrued interest was redistributed; and
WHEREAS, the owner of PIN #24-31-22-11-0008 has requested that the deferral be terminated;
and
,...� WHEREAS, with accrued interest the total amount of special assessments on the property is
now $165,491.79.
NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes that:
1. The deferred assessment on PIN #24-31-22-11-0008 shall be terminated at the request of
the property owner and payable according to the following:
A. Amount: $165,491.79
B. Duration: 9 Years
C. Interest Rate: 5%
Adopted by the Council of the City of Lino Lakes this 11th day of December, 2017.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Rafferty and was duly seconded by Council Member Maher and upon
vote being taken thereon, the following voted in favor thereof:
Rafferty, Maher, Kusterman, Manthey, Reinert
The following voted against same:
none
ATTEST:
Julianne,Bartell, City Cerk
CITY COUNCIL
AGENDA ITEM lE
STAFF ORIGINATOR: Sarah Cotton, Finance Director
MEETING DATE: December 11, 2017
TOPIC: Consider Resolution No. 17-139, Authorizing Termination of
Deferred Assessment on PIN #24-31-22-11-0008, Outlot A Main
Street Shoppes
VOTE REQUIRED: 3/5
BACKGROUND
On October 24, 2011, the City Council approved Resolution No. 11-108, Adopting
Assessments for the I-35E/CSAH 14 Interchange improvements. A provision for the deferral
of unplatted/undeveloped land was incorporated into the adopted resolution pursuant to Minn.
Stat. § 429.061, subd. 2.
On November 27, 2017, staff received a letter from the owner of Outlot A Main Street Shoppes
(PIN #24-31-22-11-0008) requesting that the deferral be terminated.
Staff is requesting council consideration of the termination request. The deferred assessment
on the parcel in the amount of $165,491.79 (includes accrued interest) will be payable over a
term of 9 years at an interest rate of 5%.
RECOMMENDATION
Staff is recommending approval of Resolution No. 17-139, Authorization Termination of
Deferred Assessment on PIN #24-31-22-11-0008, Outlot A Main Street Shoppes.
ATTACHMENTS
Resolution No. 17-139