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HomeMy WebLinkAbout15-154 Sunset Avenue Reassessment O� P RIp� 4646 Dakota Street SE �1NNESO""' Prior Lake, MN 55372 RESOLUTION 15-154 A RESOLUTION ORDERING PREPARATION OF REASSESSMENT ROLL FOR THE SUNSET AVENUE IMPROVEMENT PROJECT#TRN13-000001 AND ESTABLISHING THE DATE OF THE REASSESSMENT HEARING AND PUBLICATION THEREOF Motion By: McGuire Second By: Keeney WHEREAS, Costs have been determined for the improvement of Sunset Avenue, Project#TRN13- 000001, the City cost for the improvements are $1,199,791.70; and WHEREAS, Reassessments have been determined based on overall project costs and negotiated settlement; and WHEREAS, The original assessment amount was $798,786.84 and the revised amount for reassessment is $746,867.50; and WHEREAS, The reassessment amount will be $51,919.34 less than the original assessment; and WHEREAS, The City Manager notifies the City Council that such proposed reassessment will be completed and filed in the City Manager's office for public inspection. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The recitals set forth above are incorporated herein. 2. The portion of the cost of such improvements to be paid by the City is hereby declared to be$452,924.20, and the portion of the cost to be reassessed against benefited property owners is declared to be $746,867.50. The Council has determined that the prior assessment was excessive. 3. If approved, after the public hearing the properties shall be reassessed to reflect the reduction of $51,919.34. The reassessments shall either be spread out over the remaining terms of the assessments or reimbursements provided to those that paid the full amount of the assessments up front. 4. If approved, after the public hearing reassessments shall be payable on an equal principal installment method extending over a period of 8 years for street improvements and 18 years for sewer and water improvements. The first installment shall be the annual principal plus interest calculated from the public hearing date to the end of this year plus twelve months of the next year and shall bear interest at the rate of 4.25% per annum from the date of the adoption of the reassessment resolution. 5. The City Manager, with the assistance of the City Engineer shall forthwith calculate the proper amount to be specially reassessed for such improvements against every assessable lot, piece or parcel of land within the district affected, without regard to cash valuation, as provided by law, and shall file a copy of such proposed reassessment in the office of the City Manager for public inspection. 6. The City Manager shall upon the completion of such proposed reassessment notify the City Council thereof. 7. A public hearing shall be held on the 121h day of October, 2015, in City Council Chambers at 7:00 P.M. to pass upon such proposed reassessment and at such time and place all persons owning property affected by such improvement will be given the opportunity to be heard with reference to such reassessment. 8. The City Manager is hereby directed to cause a notice of the public hearing on the proposed reassessment to be published once in the official newspaper of the City at least two weeks prior to the hearing, and the City Manager shall also cause mailed notice to be given to the owner of each parcel described in the reassessment roll not less than two weeks prior to the hearing. 9. The owner of any property so reassessed may, at any time prior to certification of the reassessment to the County Auditor, pay the whole of the reassessment on such property, with interest accrued to the date of payment, to the City Finance Director, except that no interest will be charged if the entire reassessment is paid within 30 days from the adoption of the reassessment. The owner may, at any time thereafter, pay to the City Finance Director the entire amount of the reassessment remaining unpaid,with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 11 or interest will be charged through December 31 of the succeeding year. PASSED AND ADOPTED THIS 14th DAY OF SEPTEMBER 2015. VOTE Hedberg Keeney McGuire Morton Thompson Aye o 0 0 ❑ ❑ Nay ❑ ❑ ❑ ❑ ❑ Abstain ❑ ❑ ❑ ❑ ❑ Absent ❑ ❑ ❑ ❑x ❑x Fran' BoVS, y Vanager 2