HomeMy WebLinkAbout1997-050 Council ResolutionCouncil member Kuether
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-50
introduced the following
RESOLUTION APPROVING ANNUAL TRANSFERS FROM
TAX INCREMENT FUND 1-7 TO AREA & UNIT FUND,
CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND
FOR ASSESSMENT PAYMENTS FOR MAG -CON
WHEREAS, T.I.F. assistance was given to Mag -Con for assessments, and
WHEREAS, assessments owed to the City are to be paid with tax increments received,
and
WHEREAS, the City Tax Increment attorney has suggested an assessment schedule
based on the estimated term of the district, and
WHEREAS, the City has developed the assessment schedule with a 10% interest rate,
and
WHEREAS, the schedule may be altered as increment is received.
NOW THEREFORE BE IT RESOLVED, that the attached assessment schedule transfer
be approved.
Adopted by the City Council of Lino Lakes this 12th day of May, 1997.
o► n Landers - Mayor
Marilyn G. Anderson, Clerk Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by
Neal and upon vote being taken thereon, the following voted in favor thereof:
Bergeson, Kuether, Lyden, Neal, Landers.
The following voted against same: None.
Where upon said resolution was declared duly passed and adopted:
City of Lino Lakes
Assessment Schedule
MAG -CON
Estimated End Date
2003
Principal 15,780
Interest rate 10%
Number of Years 8
Principal
Area & Unit Principal Interest Total Remaining
1996 1,973 1,578 3,551 13,808
1997 1,973 1,381 3,353 11,835
1998 1,973 1,184 3,156 9,863
1999 1,973 986 2,959 7,890
2000 1,973 789 2,762 5,918
2001 1,973 592 2,564 3,945
2002 1,973 395 2,367 1,973
2003 1,973 197 2,170 0
Total 15,780 7,101 22,881
Principal 35,595
Interest rate 10%
Number of Years 8
Principal
Bond Fund Principal Interest Total Remaining
1996 4,449 3,560 8,009 31,146
1997 4,449 3,115 7,564 26,696
1998 4,449 2,670 7,119 22,247
1999 4,449 2,225 6,674 17,798
2000 4,449 1,780 6,229 13,348
2001 4,449 1,335 5,784 8,899
2002 4,449 890 5,339 4,449
2003 4,449 445 4,894 0
Total 35,595 16,018 51,613
Principal 8,386
Interest rate 10%
Number of Years 8
Principal
Surface Water Principal Interest Total Remaining
1996 1,048 839 1,887 7,338
1997 1,048 734 1,782 6,290
1998 1,048 629 1,677 5,241
1999 1,048 524 1,572 4,193
2000 1,048 419 1,468 3,145
2001 1,048 314 1,363 2,097
2002 1,048 210 1,258 1,048
2003 1,048 105 1,153 0
Total 8,386 3,774 12,160
1996 7,470 5,976 13,446 52,291
1997 7,470 5,229 12,699 44,821
1998 7,470 4,482 11,952 37,351
1999 7,470 3,735 11,205 29,881
2000 7,470 2,988 10,458 22,410
2001 7,470 2,241 9,711 14,940
2002 7,470 1,494 8,964 7,470
2003 7,470 747 8,217 0