HomeMy WebLinkAbout1997-052 Council ResolutionCouncil member Kuether introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-52
RESOLUTION APPROVING ANNUAL TRANSFERS FROM
TAX INCREMENT FUND 1-6 TO AREA & UNIT FUND,
CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND
FOR ASSESSMENT PAYMENTS FOR UDOR
WHEREAS, T.I.F. assistance was given to Udor 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.
Marilyn G. Anderson, Clerk Treasurer
Landers - Mayor
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
UDOR
Estimated End Date
2001
Principal 8,160
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1996 1,360 816 2,176 6,800
1997 1,360 680 2,040 5,440
1998 1,360 544 1,904 4,080
1999 1,360 408 1,768 2,720
2000 1,360 272 1,632 1,360
2001 1,360 136 1,496 0
Total 8,160 2,856 11,017
Principal 19,886
Interest rate 10%
Number of Years 6
Bond Fund Principal Interest
Principal
Total Remaining
1996 3,314
1997 3,314
1998 3,314
1999 3,314
2000 3,314
2001 3,314
1,989
1,657
1,326
994
663
331
5,303 16,572
4,972 13,257
4,640 9,943
4,309 6,629
3,977 3,314
3,646 (0)
Total 19,886
Principal
Interest rate
Number of Years
6,960 26,846
4,416
10%
6
Principal
Surface Water Principal Interest Total Remaining
1996 736 442 1,178 3,680
1997 736 368 1,104 2,944
1998 736 294 1,030 2,208
1999 736 221 957 1,472
2000 736 147 883 736
2001 736 74 810 0
Total 4,416 1,546 5,962
1996 5,410 3,246 8,657 27,052
1997 5,410 2,705 8,116 21,642
1998 5,410 2,164 7,575 16,231
1999 5,410 1,623 7,034 10,821
2000 5,410 1,082 6,492 5,410
2001 5,410 541 5,951 (0)