HomeMy WebLinkAbout1997-054 Council ResolutionCouncil member Kuether introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-54
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 PROGRESSIVE ENGINEERING
WHEREAS, T.I.F. assistance was given to Progressive Engineering 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 da of May, 1997.
\1/7C1t
Marilyn G. Anderson, Clerk Treasurer
JoLanders - 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
PROGRESSIVE ENGINEERING
Estimated End Date
2001
Principal 21,465
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1997 3,578 2,147 5,724 17,888
1998 3,578 1,789 5,366 14,310
1999 3,578 1,431 5,009 10,733
2000 3,578 1,073 4,651 7,155
2001 3,578 716 4,293 3,578
2002 3,578 358 3,935 (0)
Total 21,465 7,513 28,978
Principal 36,949
Interest rate 10%
Number of Years 6
Bond Fund Principal Interest
Principal
Total Remaining
1997 6,158
1998 6,158
- 1999 6,158
2000 6,158
2001 6,158
2002 6,158
Total
Principal
Interest rate
Number of Years
3,695
3,079
2,463
1,847
1,232
616
9,853 30,791
9,237 24,632
8,621 18,474
8,006 12,316
7,390 6,158
6,774 0
36,949
12,932 49,881
6,848
10%
6
Principal
Surface Water Principal Interest Total Remaining
1997 1,141 685 1,826 5,707
1998 1,141 571 1,712 4,566
1999 1,141 457 1,598 3,424
2000 1,141 342 1,484 2,283
2001 1,141 228 1,370 1,141
2002 1,141 114 1,256 (0)
Total 6,848 2,397 9,245
1997 10,877 6,526 17,403 54,385
1998 10,877 5,439 16,316 43,508
1999 10,877 4,351 15,228 32,631
2000 10,877 3,263 14,140 21,754
2001 10,877 2,175 13,052 10,877
2002 10,877 1,088 11,965 (0)