HomeMy WebLinkAbout1997-053 Council ResolutionCouncil member Kuether introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-53
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 CUSTOM REMODELERS
WHEREAS, T.I.F. assistance was given to Custom Remodelersfor 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.
LA ti
37162 jt.
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
CUSTOM REMODELERS
Estimated End Date
2001
Principal 50,240
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1996 8,373 5,024 13,397 41,867
1997 8,373 4,187 12,560 33,494
1998 8,373 3,349 11,723 25,120
1999 8,373 2,512 10,885 16,747
2000 8,373 1,675 10,048 8,373
2001 8,373 837 9,211 0
Total 50,240 17,584 67,825
Principal 49,720
Interest rate 10%
Number of Years 6
Principal
Bond Fund Principal Interest Total Remaining
1996 8,287 4,972 13,259 41,433
1997 8,287 4,143 12,430 33,147
�- 1998 8,287 3,315 11,601 24,860
1999 8,287 2,486 10,773 16,573
2000 8,287 1,657 9,944 8,287
2001 8,287 829 9,115 0
Total 49,720 17,402 67,122
Principal 8,888
Interest rate 10%
Number of Years 6
Principal
Surface Water Principal Interest Total Remaining
1996 1,481 889 2,370 7,406
1997 1,481 741 2,222 5,925
1998 1,481 593 2,074 4,444
1999 1,481 444 1,926 2,963
2000 1,481 296 1,778 1,481
2001 1,481 148 1,629 0
Total 8,888 3,111 11,998
1996 18,141 10,885 29,026 90,707
1997 18,141 9,071 27,212 72,565
1998 18,141 7,257 25,398 54,424
1999 18,141 5,442 23,584 36,283
2000 18,141 3,628 21,770 18,141
2001 18,141 1,814 19,955 0