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RESOLUTION NO. 7505 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA Adopting a Special Assessment Levy for Street Reconstruction Costs Related to the Transfer of Private Streets of the Silver Lake Woods Development WHEREAS, the City has received a signed petition and waiver agreement and street transfer agreement from the property owner agreeing to the proposed assessment against property identification number (P!N} 07-30-23-11-0066 for upgrading the private streets to the City's standards and the transfer of those private streets as described in the transfer-agreement to the City. NOW, THEREFORE, BE tT RESOLVED by the City Council of the City of Mounds mew that: 1. Such proposed assessment of $240,421.39 against PIN 07-30-23-11-0066, is accepted and shall constitute a special assessment against the lands named therein, and each tract of land is hereby found to be benefited by the street improvement in the amount of the assessment levied against it. 2. The assessment as adopted and confirmed shall be payable in equal annual installments over a period of ten (10) years, the first of the installments to be payable on or before the first Monday in January 2010, and shall bear interest at the rate of five and one half (5.5) percent per annum. Ta the first instaElment shall be added interest on the entire assessment from October 26, 2009 through December 31, 2010. To each subsequen# installment when due shall be added interest for one year on aA unpaid installments. 3. The owner of any property so assessed may at any time prior to the certification of the assessments to the County Auditor pay part of or the whole of the assessment, with interest accrued to the date of payment, to the City Treasurer, except that no interest shall be charged on any part of the assessment that is paid within 30 days from the adoption of this resolution; and the owner may, at any time thereafter, pay to the City Treasurer part of or the entire amount of the assessment, with interest from the date of adoption of this resolution #hrough the date of payment, such payment must be made before November 26, 2009, or interest will be charged through December of the succeeding year. 4. The City Clerk shall forthwith transmit a certified duplicate of this assessment to the County Auditor to be extended on the property tax lists of the county, and such assessment shall be collected and paid over in the same manner as other municipal taxes. Adopted this 26th Day of October, 2009. , ~ H '# Joe Flat~rty, Mafia (ATTEST) /'~ ~---~'°'~' Jim Ericson, City Clerk -Administrator (SEAL)