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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUGO, <br /> WASHINGTON COUNTY,MINNESOTA, <br /> ADOPTING SPECIAL ASSESSMENT POLICIES <br /> WHEREAS,the City Council deems it advisable and in the best interest of the City of <br /> Hugo to adopt policies relating to special assessments. <br /> WHEREAS, the City Council intends that these policies not be construed as exclusive but <br /> instead to provide general guidelines for addressing assessments in the City, and in enacting <br /> these policies, the City Council acknowledges that special cases and variations may be required <br /> based on the particular facts present in any given situation. <br /> NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of the City of <br /> Hugo that the following assessment polices will be followed for all public improvements in the <br /> City of Hugo: <br /> 1. Assessment Amount <br /> A. The grand total of the assessments related to a project cannot exceed the City's total <br /> project cost. <br /> B. The amount of any individual assessment cannot exceed the special benefit to the <br /> property. In this case, special benefit is defined as the increase in the market value of the <br /> property because of the improvement. <br /> 2. When Assessments Will Not be Levied <br /> A. No special assessments will be levied against designated flood plans, municipal storm <br /> water ponds, or wetland areas on private property as determined by criteria in the <br /> Wetland Conservation Act of 1991 and the Minnesota Department of Natural Resources. <br /> The limits of wetlands will be determined by the City on a case-by-case basis at the time <br /> of preliminary project design and feasibility report preparation. <br /> B. No special assessments will be levied against railroad, county highway, or state highway <br /> right-of-ways. <br /> 3. Interest Rate <br /> A. The rate of interest on assessments for which bonds were issued to finance the project <br /> shall be two percent(2%) greater than the rate of interest on the bonds. In the event that <br /> no bonds were issued to finance the project, the rate of interest shall be two percent(2%) <br /> greater than the average rate of interest on all bonds issued in the prior calendar year, or if <br /> no bonds were issued in the prior calendar year, two percent (2%) greater than the current <br /> bond market rate for the City of Hugo. <br /> Page 1 <br />