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Home My WebLink About6A - Waterfront Passage Business Park DATE: 6A BRUCE LONEY, ASSISTANT CITY ENGINEER CONDUCT ASSESSMENT HEARING ON WATERFRONT PASSAGE BUSINESS PARK IMPROVEMENT PROJECT #93-11 - AND CONSIDER APPROVAL OF RESOLUTION 93-99 NOVEMBER 15, 1993 AGENDA NUMBER: PREPARED BY: SUBJECT: INTRODUCTION: The purpose for this Public Hearing is to consider the assessments for the paving and sewer and water improvements associated with Project 93-11 and for the adoption of the assessment roll by approving Resolution 93-99. BACKGROUND: At its regular meeting of November 1, 1993, the Council approved Resolution 93-92 which declared the cost to be assessed and ordered the preparation of the assessment roll. Also Resolution 93-89 establishing the date of the Assessment Hearing for the Waterfront Passage Business Park improvements was passed. DISCUSSION: All property owners have been mailed a Statement of Special Assessments which included all appropriate information pertinent to their property. A Public Hearing notice was also included indicating time and place of the Assessment Hearing. The preliminary assessment roll as authorized by the City Council amounted to a total of $813,588.63 which represents approximately 69% of the project cost of $1,168,588.63. The difference is to be paid by the City's Trunk Reserve Fund and the Sewer and Water Enterprise Fund as per the Feasibility Study and Business Park proforma. The assessment amount to be assessed against the Waterfront Passage Business Park plat is $813,588.63. The net acreage for development was determined to be 22 acres. The following rates were utilized in calculating the individual assessments for the property owners on the assessment roll: Sewer, Water, & Street $36,981.30/acre The acreage rate of $36,981.30/acre represents an increase of nearly 2.9% when compared with the initial Public Hearing total of $35,954.00/acre. The initial assessment amount at the Public 4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER RECOMMENDATION: ALTERNATIVES: BUDGET IMPACT: ACTION REQUIRED: AGE6A.WRT Hearing was estimated to be $791,000.00 as compared to the assessment total of $813,588.63. These higher rates are due to extra grading quantities necessary to construct the Business Park. The net acreage was determined as per the City's assessment policy and utilizing the Waterfront Passage Business Park plat drawing. The assessment terms are to be for ten (10) years for paving, sewer and water. The interest rate will be 5%. Added to the first year installment (1994) will be an additional 46 days of interest which account for the remaining days of 1993 following the Public Hearing. The interest rate of 5% does not contain an additional 1 % of interest to cover delinquency payments as the City is the property owner being assessed. Depending upon the input received at the hearing, the Council can discuss whether the Assessment Roll is accurate or if corrections are necessary. The alternatives are as follows: 1. Approve Resolution 93-99 adopting the assessment roll as submitted. 2. Approve Resolution 93-99 subject to Council approved changes. 3. Continue the hearing for a specific reason. There is no direct impact upon the annual operating budget as bonds have been issued in 1993 which shall be dependent upon assessments as a result of commercial land sales within the Business Park and an annual ad valorem tax levy should a delinquency shortfall occur. Motion to approve Resolution 93-99 contingent upon Council amendments. . RS9399" RESOLUTION 93-99 RESOLUTION ADOPTING ASSESSMENT FOR WATERFRONT PASSAGE BUSINESS PARK IMPROVEMENTS PROJECT #93-11 MOTION BY: SECONDED BY: WHEREAS, pursuant to proper notice duly given as required by law, the Council has met and heard and passed upon all objections to the proposed assessment for the improvements of #Project 93-11. . NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF PRIOR LAKE, MINNESOTA: 1. Such proposed 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 benefitted by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment shall be payable on an equal principal method extending over a period of lQ years. The first installment shall be the annual principal plus interest calculated from the Public Hearing date to the end of this year plus the twelve months of the next year and shall bear interest at the rate of 5. percent 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,.l224. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 3. The owner of any property so assessed may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, except that no interest will be charged if the entire assessment is paid within 30 days; and an individual may at any time thereafter, pay to the City's Finance Director the entire amount of the assessment remaining unpaid, excepting the installment portion appearing upon the current year's property tax statement. 4. The City Manager shall forthwith transmit a certified duplicate of this assessment to the County Auditor to be extended on the property tax lists of Scott County. Such assessments shall be collected and paid to the City in same manner as other municipal taxes. 4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER 5. The final project cost apportionment has been determined to be $1,168,588.63 of which $355,000.00 shall be paid from the City's Trunk Reserve Fund and Sewer and Water Enterprise Fund and $813,588.63 to be assessed to the benefitted property owners as per attached assessment roll. Passed and adopted this _th day of , 1993. YES NO Andren Fitzgerald Kedrowski Scott White Andren Fitzgerald Kedrowski Scott White Frank Boyles City Manager City of Prior Lake { Seal} . DESCRIPTION: ASSESSMENT HEARING DATE: ASSESSMENT RATE: ASSESSMENT CODE: INTEREST RATE: SPREAD: INITIAL YEAR: ADDITIONAL INTEREST: PAYMENT METHOD: LEGAL DESCRIPTION & PARCEL NUMBER Waterfront Passaqe Addition Lot 1, Block 1 Lot 1, Block 2 Lot 2, Block 2 Lot 1, Block 3 9311AR.WRT PROJECT #93-11, BUSINESS OFFICE PARK NOVEMBER lS, 1993 $37,745.62/ac. SEWER, WATER & PAVING - 84 5.0% SEWER, WATER, & PAVING - 10 YEARS 1994 46 DAYS EQUAL PRINCIPAL PROPERTY OWNER & ADDRESS CURRENT SEWER, WATER & PAVING AMOUNT Anthony Adelmann c/o Frank Muelken 15685 Fish Point Road Prior Lake, MN 55372 Anthony Adelmann c/o Frank Muelken 15685 Fish Point Road Prior Lake, MN 55372 Anthony Adelmann c/o Frank Muelken 15685 Fish Point Road Prior Lake, MN 55372 (Keyland Home Parcel) Anthony Adelmann c/o Frank Muelken 15685 Fish Point Road Prior Lake, MN 55372 (Fire Hall Parcel) $343,485.10 $339,710.54 $ 60,392.99 $ 70,000.00 (Unit Assessment)