HomeMy WebLinkAbout1998-067 Council ResolutionCouncil member
Dahl
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 98-67
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 GNW MECHANICAL
WHEREAS, T.I.F. assistance was given to GNW Mechanical 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 1t1t
4497
Marilyn G. Anderson, Clerk Treasurer
K
ullivan - Mayor
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Neal and upon vote being taken thereon, the following voted in favor thereof:
Bergeson, Dahl, Neal, Sullivan.
The following voted against same: none, Council Member Lyden was absent.
Where upon said resolution was declared duly passed and adopted:
City of Lino Lakes
Assessment Schedule
GNW Mechanical
Estimated End Date
2002
Principal 29,947
Interest rate 10%
Number of Years 5
Principal
Area & Unit Principal Interest Total Remaining
1998 5,989 2,995 8,984 23,958
1999 5,989 2,396 8,385 17,968
2000 5,989 1,797 7,786 11,979
2001 5,989 1,198 7,187 5,989
2002 5,989 599 6,588 0
Total 29,947 8,984 38,931
Principal 51,799
Interest rate 10%
Number of Years 5
Principal
Bond Fund Principal Interest Total Remaining
1998 10,360 5,180 15,540 41,439
1999 10,360 4,144 14,504 31,080
2000 10,360 3,108 13,468 20,720
2001 10,360 2,072 12,432 10,360
2002 10,360 1,036 11,396 0
Total 51,799
Principal
Interest rate
Number of Years
15,540
25,552
10%
5
67,339
Principal
Surface Water Principal Interest Total Remaining
1998 5,110 2,555 7,666 20,442
1999 5,110 2,044 7,155 15,331
2000 5,110 1,533 6,644 10,221
2001 5,110 1,022 6,133 5,110
2002 5,110 511 5,622 0
Total 25,552 7,666 33,218
1998 21,460 10,730 32,190 85,839
1999 21,460 8,584 30,044 64,379
2000 21,460 6,438 27,898 42,919
2001 21,460 4,292 25,752 21,460
2002 21,460 2,146 23,606 0
107,299 32,190 139,488