HomeMy WebLinkAbout1997-056 Council ResolutionCouncil member
Kuether
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-56
introduced the following
RESOLUTION APPROVING ANNUAL TRANSFERS FROM
TAX INCREMENT FUND 3-1 TO AREA & UNIT FUND,
CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND
FOR ASSESSMENT PAYMENTS FOR ADGRAPHICS
WHEREAS, T.I.F. assistance was given to AdGraphics 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.
Jo 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 L no Lakes
Assessment Schedule
ADGRAPHICS
Estimated End Date
2002
Principal 145,576
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1997 24,263 14,558 38,820 121,314
1998 24,263 12,131 36,394 97,051
1999 24,263 9,705 33,968 72,788
2000 24,263 7,279 31,542 48,525
2001 24,263 4,853 29,115 24,263
2002 24,263 2,426 26,689 0
Total 145,576 50,952 196,528
Principal 137,394
Interest rate 10%
Number of Years 6
Principal
Bond Fund Principal Interest Total Remaining
1997 22,899 13,739 36,638 114,495
1998 22,899 11,450 34,349 91,596
- 1999 22,899 9,160 32,059 68,697
2000 22,899 6,870 29,769 45,798
2001 22,899 4,580 27,479 22,899
2002 22,899 2,290 25,189 0
Total 137,394 48,088 185,482
Principal 118,919
Interest rate 10%
Number of Years 6
Principal
Surface Water Principal Interest Total Remaining
1997 19,820 11,892 31,712 99,099
1998 19,820 9,910 29,730 79,279
1999 19,820 7,928 27,748 59,459
2000 19,820 5,946 25,766 39,640
2001 19,820 3,964 23,784 19,820
2002 19,820 1,982 21,802 (0)
Total 118,919 41,622 160,540
1997 66,982 40,189 107,170 334,908
1998 66,982 33,491 100,472 267,926
1999 66,982 26,793 93,774 200,945
2000 66,982 20,094 87,076 133,963
2001 66,982 13,396 80,378 66,982
2002 66,982 6,698 73,680 0