Agenda Packets - 2009/10/26 - Laserfiche WebLink

Home Browse Search

E3aMITB Form of Petition and Waiver Agreement PETITION AND WAIVER AGREEMENT The Silver Lake Woods Condominium Association, Inc., a Minnesota non-profit corporation ("Association") is the fee owner of property in the City of Mounds View ("City"), legally described as follows: !, Outlot A, Silver Lake Woods, Ramscy County, Minnesota. ("Proper(y"). The Property consists of Lake Court Circle and Lake Court Drive. Both Lake Court Circle and Lake Court Drive are in need of significant street improvements ("Improvement Project'). The Association hereby petitions the City for construction of the Improvement Project. The Association is requesting that the City assess 100 percent of the cost of the Improvement Project against the Property. The Association understands and agrees that the estimated total cost of the Improvement Project is estimated to be $415,000.00. The Association understands and agrees that an amount not to exceed $415,000.00 shall be assessed by the City against the Property ("Assessment'). The Association acknowledges and agrees that this Assessment is valid and legal and that it will be obligated to pay the City the amount not to exceed $415,000.00 when City orders the Improvement Project. The Association has requested that 100 percent of the Assessment be levied by the City as a special assessment against the Property for collection with its real estate taxes in installments together with interest on the unpaid balance of the Assessment over a period of time not to exceed ten (10) years. The Association understands and agrees that the City may provide for the payment of the Assessment in installments bearing such interest as may be determined by the City Council. The Association understands and agrees that the decision regarding the ten (10) year period of time over which the Assessment may be paid and the interest rate to be applied is in the absolute and sole discretion of the City Council, subject only to limitations imposed by law. The Association understands that it is entitled to have a public hearing on the proposed Improvement Project and the levy of special assessments pursuant to Section 8 ,04, subdivision 1 of the City Charter and Title 202,07, subdivisions 2 and 3 of the City Code and there is a 60 day protest period after the public hearing. However, the Association requests that the Assessment be levied without such public hearing or the 60 day protest period. Therefore, the Association waives 3386070 SJS MU210-43