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<br />Item No: 7.J. <br />Meeting Date: August 24, 2015 <br />Type of Business: Council Business <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8446 Adopting a Special Assessment Levy for <br />Private Improvements in Area H of the Street and Utility <br />Improvement Program <br /> <br /> <br />The City offered property owners the opportunity to have private improvements completed as part <br />of the area H street project. It is in the City’s best interest to have as many of these improvements <br />done during the project to reduce the number of street openings that may have to happen in the <br />future. Each property owner has signed an agreement to waive their right to a public hearing and <br />has agreed to pay the full cost of the private improvement plus interest and the administrative fee. <br /> <br />The property owner may pay the amount due by 4:30 P.M. on Monday, August 24, 2015 in order to <br />avoid the $35.00 administrative fee. The owner may prepay the assessment between August 25, <br />2015 and September 24, 2015 without paying additional interest. After that, interest at the rate of <br />5.50% will accrue from August 24, 2015 through the payment date. This interest rate and <br />administrative fee were set by the City Council in Resolution 7135. <br /> <br />On or after September 30, 2015, we will forward the assessment roll to Ramsey County for <br />collection with the 2016 property taxes. <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer, Finance Director <br /> <br /> <br /> <br />