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<br />Item No: 7E <br />Meeting Date: September 13, 2010 <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 7670 Adopting a Special Assessment Levy for <br />Private Improvements in Area B/C of the Street and Utility <br />Improvement Program <br /> <br /> <br />The City offered property owners the opportunity to have private improvements completed as <br />part of the area B/C street project. It is in the City’s best interest to have as many of these <br />improvements done during the project to reduce the number of street openings that may <br />have to happen in the future. Each property owner has signed an agreement to waive their <br />right to a public hearing and has agreed to pay the full cost of the private improvement plus <br />interest and the administrative fee. <br /> <br />The property owner may pay the amount due by 4:30 P.M. on Monday, September 13, 2010 <br />in order to avoid the $35.00 administrative fee. The owner may prepay the assessment <br />between September 14, 2010 and October 13, 2010 without paying additional interest. After <br />that, interest at the rate of 5.50% will accrue from September 13, 2010 through the payment <br />date. This interest rate and administrative fee were set by the City Council in Resolution <br />7135. <br /> <br />On or after October 14, 2010, we will forward the assessment roll to Ramsey County for <br />collection with the 2011 property taxes. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer <br /> <br /> <br /> <br />