HomeMy WebLinkAbout2013.10.21 RESO 2013-29RESOLUTION NO. 2013 - 29
RESOLUTION ADOPTING ASSESSMENTS FOR ROSEMARY WAY STREET
AND UTILITY IMPROVEMENT PROJECT
WHEREAS, pursuant to the Petition, Waiver, and Assessment Agreement
("Agreement') made the 23`d day of September, 2013, by and between the City of Hugo
("City") and Everton Investments Limited Liability Partnership ("Owner"):
1) The Owner is the fee owner of certain real property (the "Subject Property")
located in the City; the legal description of which is Outlot B, Frenchman Place I A
Addition; and Outlet B, Frenchman Place 2nd Addition; and
2) The Owner desires to have certain public improvements constructed to serve the
Subject Property generally described as the construction of Rosemary Way from
the western boundary of Frenchman Place 1 s` Addition to Everton Avenue North
("Improvement Project'); and
3) The Owner wishes for the City to construct the Improvement Project at an
estimated cost of $1,056,170.00 without notice of hearing or hearing on the
Improvement Project; and
4) The Owner has established an escrow account ("Escrow Account') with Lake
Area Bank by depositing into the Escrow Account the amount of ($450,000.00)
("Escrowed Funds"), which Escrowed Funds shall be used shall be used to pay
the City for the first $450,000.00 of the costs of the Improvement Project; and
5) The Owner wishes for the City to levy and assess $606,170.00 of the cost of the
Improvement Project against the Subject Property without notice of hearing or
hearing on the special assessments; and
6) The Owner waives notice of hearing and hearing pursuant to Minn. Stat. 429.031,
on the Improvement Project and notice of hearing and hearing on the special
assessments levied to finance the Improvement Project pursuant to Minn. Stat.
Section 429.061, and specifically requests that the Improvement Project be
constructed and special assessments levied against the Subject Property therefor
without hearings.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HUGO, WASHINGTON COUNTY, MINNESOTA:
Such assessment, a copy of which is attached hereto and made a part hereof, is
hereby accepted and shall constitute the special assessment against the lands
named therein, and each tract of land therein included is hereby found to be
benefited by the proposed improvement in the amount of the assessment levied
against it.
Resolution 2013-29
2. Such assessment shall be payable in equal annual installments extending over a
period of 5 years, the first of the installments to be payable on or before the first
Monday in January 2014, and shall bear interest at the rate of 4.270% per annum
from the date of the adoption of this assessment resolution. To the first
installment shall be added interest on the entire assessment from the date of this
resolution until December 31, 2014. To each subsequent installment when due
shall be added interest for one year on all unpaid installments.
3. 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. Such
assessments shall be collected and paid over in the same manner as other
municipal taxes.
Upon roll call, the following members voting AYE: Bronk, Haas, Klein, Petryk, Weidt
Upon roll call, the following members voting NAY: None
Whereupon said resolution was declared passed and adopted this 21" day of October,
2013.
A
Tom Weidt, Mayor
ATTEST:
Michele Lindau, City Clerk
Rosemary Way Street and Utility Improvement Project
Assessment Roll Dated 10/21/13
ORIGINAL LIEN
Construction
Contingencies
Indirect
Total
Streets
$ 463,970.00
$ 23,200.00
$ 107,180.00
$ 594,350.00
Sanitary sewer
$ 30,14000
$ 1,500.00
$ 6,970.00
$ 38,610.00
Watermain
$ 96,200.00
$ 4,810.00
$ 22,230.00
$ 123,240.00
Drainage
$ 148,170.00
$ 7,410.00
$ 34,220.00
$ 189,800.00
Wetland
$ 97,550.00
$ 4,880.00
$ 22,540.00
$ 124,970.00
$ 836,030.00
$ 41,800.00
$ 193,140.00
$ 1,070,970.00
Watermain oversizing
$ (14,800.00)
INTEREST RATE
PROJECT
Rosemary Way Improvement
Project
$ 1,056,170.00
Less Up Front Cash
TAXES PAYABLE
$ (450,000.00)
INTEREST
COUNTY
TOTAL
ROUNDING
$ 606,176.90
GEOCODE
19.031.21.21.0013
436
Outlot B
PRINCIPAL
ANNUAL
Frenchman Place 1st Addition
TYPE
20130
INTEREST
PAYMENT
FUND
408
TAXES PAYABLE
PRINCIPAL INTEREST
& FEES
PROPERTY OWNER
Everton Investments LLP
2014
$ 50,686.00 $
ADDRESS
White Bear Lake,
MN 55110
$ 63,617.46 $
ORIGINAL LIEN
$ 253,430.00
YEARS
5
White Bear Lake, MN 55110
INTEREST FROM
10/21/13 Date of Assessment
Adoption
$ 352,740.00
INTEREST RATE
4.27%
YEARS
5
DAYS IN YEAR
365
INTEREST FROM
10/21/13 Date of Assessment
DAYS IN FIRST YEAR
436
INTEREST RATE
PROJECT
Rosemary Way Improvement
Project
TAXES PAYABLE
PRINCIPAL
INTEREST
COUNTY
TOTAL
ROUNDING
TOTAL
YEAR
DAYS IN FIRST YEAR
436
FEES
PRINCIPAL
ANNUAL
PROJECT
"
INTEREST
PAYMENT
TAXES PAYABLE
PRINCIPAL INTEREST
& FEES
COUNTY
TOTAL
2014
$ 50,686.00 $
12,92646
$ 5.00
$ 63,617.46
$ 63,617.46 $
2015
$ 50,686.00 $
8,657.17
$ 5.00
$ 59,348.17
$ 0.01
$ 59,348.18 $
2016
$ 50,686.00 $
6,492.88
$ 5.00
$ 57,183.88
$ 57,183.88 $
2017
$ 50,686.00 $
4,328.58
$ 5.00
$ 55,019.58
$ 55,019.58 $
2018
$ 50,686.00 $
2,164.29
$ 5.00
$ 52,855.29
$ 0.01
$ 52,855.30 $
TOTALS
$ 253,430.00 $
34,569.38
$ 25.00
$ 288,024.38
$ 0.02
$ 288,024.40
GEOCODE
19.031.21.21.0016
$ 70,548.00 $ 9,037.20
Outlot B
5.00
$ 79,590.20
$ 79,590.20
$ 141,096.00
2017
Frenchman Place 2nd
Addition
5.00
$ 76,577.80
TYPE
20130
$ 70,548.00
2018
$ 70,548.00 $ 3,01240
$
5.00
FUND
408
$ 73,565.40
$
DECLINING
PRINCIPAL
BALANCE
in
202,744.00
152,058.00
101,372.00
50,686.00
PROPERTY OWNER
Everton Investments LLP
ADDRESS
White Bear Lake, MN 55110
ORIGINAL LIEN
$ 352,740.00
YEARS
5
INTEREST FROM
10/21/13 Date of Assessment
Adoption
INTEREST RATE
4.27%
DAYS IN YEAR
365
DAYS IN FIRST YEAR
436
PROJECT
Rosemary Way Improvement Project
TAXES PAYABLE
PRINCIPAL INTEREST
COUNTY
TOTAL
ROUNDING
TOTAL
DECLINING
YEAR
FEES
PRINCIPAL
""
ANNUAL
PRINCIPAL
"
INTEREST
PAYMENT
BALANCE
& FEES
2014
$ 70,548.00 $ 17,991.87
$
5.00
$ 88,544.87
$ 0.01
$ 88,544.88
$ 282,192.00
2015
$ 70,548.00 $ 12,049.60
$
5.00
$ 82,602.60
$ 82,602.60
$ 211,644.00
2016
$ 70,548.00 $ 9,037.20
$
5.00
$ 79,590.20
$ 79,590.20
$ 141,096.00
2017
$ 70,54800 $ 6,024.80
$
5.00
$ 76,577.80
$ 76,577.80
$ 70,548.00
2018
$ 70,548.00 $ 3,01240
$
5.00
$ 73,565.40
$ 73,565.40
$
TOTALS
$ 352,740.00 $ 48,115.87
$
25.00
$ 400,88087
$ 0.01
$ 400,880.88
"COUNTY FEES SUBJECT TO CHANGE
"TOTAL ANNUAL PAYMENT MUST BE AN EVEN NUMBER