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3. Assessments shall be payable in equal annual installments extending over a period of <br />20 years, the first of the installments to be payable on or before the first Monday in <br />January, 2022, and shall bear interest at the rate of 4.50 percent per annum from the <br />date of adoption of the assessment resolution. <br />4. The City Clerk, with the assistance of the City Engineer, shall forthwith calculate the <br />proper amount to be specially assessed for the 2020 Project Difference and the 2021 <br />Project against every assessable lot in the Subdivision, without regard to cash valuation, <br />as provided by law, and she shall file a copy of such proposed assessments in her office <br />for public inspection. <br />5. The City Clerk shall upon the completion of such proposed assessments, notify the City <br />Council thereof. <br />6. That the City Council will adopt a resolution approving such proposed assessments at <br />a subsequent meeting. <br />7. That since all of the benefited properties in the Subdivision have signed petition and <br />waiver agreements agreeing to the assessment amounts and waived their rights to the <br />notice of public hearings and public hearings required by Minnesota Statutes Section <br />429.031 and 429.061, no public hearings on the improvements or the assessments will <br />be necessary and said hearings will not be held. <br />ADOPTED BY THE LAKE ELMO CITY COUNCIL ON THE SIXTEENTH DAY OF <br />FEBRUARY, 2021. <br />CITY OF LAKE ELMO <br />(Seal) <br />ATTEST: <br />J lie ohnson <br />CNtry Clerk <br />By: IA1ZZ',"'e <br />Charles Cadenhead <br />Mayor <br />