HomeMy WebLinkAbout1997-057 Council ResolutionCouncil member Kuether introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 97-57
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 NORTHERN WHOLESALE
WHEREAS, T.I.F. assistance was given to Northern Wholesale 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.
M1 e-nhG Av
Marilyn G. nderson, 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
NORTHERN WHOLESALE
Estimated End Date 2002
Principal 84,313
Interest rate 10%
Number of Years 6
Principal
Area & Unit Principal Interest Total Remaining
1997 14,052 8,431 22,483 70,261
1998 14,052 7,026 21,078 56,208
1999 14,052 5,621 19,673 42,156
2000 14,052 4,216 18,268 28,104
2001 14,052 2,810 16,863 14,052
2002 14,052 1,405 15,457 0
Total 84,313 29,509 113,822
Principal 99,281
Interest rate 10%
Number of Years 6
Principal
Bond Fund Principal Interest Total Remaining
1997 16,547 9,928 26,475 82,734
1998 16,547 8,273 24,820 66,187
1999 16,547 6,619 23,166 49,641
2000 16,547 4,964 21,511 33,094
2001 16,547 3,309 19,856 16,547
2002 16,547 1,655 18,202 0
Total 99,281 34,748 134,029
Principal 54,855
Interest rate 10%
Number of Years 6
Principal
Surface Water Principal Interest Total Remaining
1997 9,143 5,486 14,628 45,713
1998 9,143 4,571 13,714 36,570
1999 9,143 3,657 12,800 27,428
2000 9,143 2,743 11,885 18,285
2001 9,143 1,829 10,971 9,143
2002 9,143 914 10,057 0
Total 54,855 19,199 74,055
1997 39,741 23,845 63,586 198,707
-.... 1998 39,741 19,871 59,612 158,966
1999 39,741 15,897 55,638 119,224
2000 39,741 11,922 51,664 79,483
2001 39,741 7,948 47,690 39,741
2002 39,741 3,974 43,716 0