RES 18-65CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2018-65
ADOPTING ASSESSMENT FOR IMPROVEMENTS
OF KADLER AVENUE AND 73R' STREET
TO LOT 1, BLOCK 1, BURY INDUSTRIAL PARK
WHEREAS, Bury Manufacturing, LLC is the Owner of the property legally identified as 118-
322-001010, Lot 1, Block 1, Bury Industrial Park; and
WHEREAS, Bury Manufacturing, LLC as Owner, on behalf of itself, its heirs, successors,
assigns and successors in title and pursuant to Minnesota Statute §429.031, Subdivision 3, has
petitioned the City to construct the improvements; and
WHEREAS, the City of Otsego has agreed to special assessments against the property; and
WHEREAS, Bury Manufacturing, LLC as Owner, has previously waived any and all hearings,
irregularities in procedure and any and all rights of appeal under Minnesota Statute §429.081, or
any other statute or case law pursuant to Paragraph 32 of that document entitled Development
Agreement Bury Industrial Park — Lot 1, Block 1, dated June 8, 2018 and recorded at the Wright
County Recorder's Office on June 8, 2018 as Document No. Al 371921.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OTSEGO, MINNESOTA:
1. Such proposed assessment, attached hereto as Exhibit A and made a part hereof, are
hereby accepted and shall constitute the special assesment against the properties named
therein and that the tract of land therein included is hereby found to be benefited by the
improvements in the amount of the assessment levied against it.
2. Such assessment for Kadler Avenue and 73rd Street Improvements against 118-322-
001010, Lot 1, Block 1, Bury Industrial Park in the principal amount of $685,785.63,
shall be payable in equal annual installments extending over a period of fifteen (15)
years, the first of the installments to be payable on or before the first Monday in January
2019, and shall bear interest at the rate of 4.55% percent per annum. Said interest will
commence on January 1, 2019. To each subsequent installment when due shall be added
interest for one year on all unpaid assessments.
3. Such assessment for Kadler Avenue and 73rd Street Improvements against 118-322-
001010, Lot 1, Block 1, Bury Industrial Park is not eligible for prepayment.
4. The Finance Director shall forthwith transmit a certified copy of this assessment to the
Wright County Auditor to be extended on the property tax lists of the County. Such
assessments shall be paid over in the same manner as other City property taxes.
ADOPTED by the Otsego City Council this 22nd day of October, 2018.
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, Mayor
izo C�'
Tam Loff, City Clerk
MOTION made by Council Member Heidner and SECONDED by Council Member Tanner.
IN FAVOR: Stockamp, Heidner, Darkenwald, Tanner, Warehime
OPPOSED: None
EXHIBIT A
City of Otsego
Special Assessments - Amortization Schedule
Kadler Avenue & 73rd Street Improvements
Payment
Year Assessed Principal Interest Total Balance
2018 685,785.63
-
-
-
685,785.63
2019 -
32,872.56
31,203.25
64,075.81
652,913.07
2020 -
34,368.26
29,707.54
64,075.81
618,544.81
2021 -
35,932.02
28,143.79
64,075.81
582,612.79
2022 -
37,566.92
26,508.88
64,075.81
545,045.87
2023 -
39,276.22
24,799.59
64,075.81
505,769.65
2024 -
41,063.29
23,012.52
64,075.81
464,706.37
2025 -
42,931.67
21,144.14
64,075.81
421,774.70
2026 -
44,885.06
19,190.75
64,075.81
376,889.64
2027 -
46,927.33
17,148.48
64,075.81
329,962.32
2028 -
49,062.52
15,013.29
64,075.81
280,899.80
2029 -
51,294.86
12,780.94
64,075.81
229,604.93
2030 -
53,628.78
10,447.02
64,075.81
175,976.15
2031 -
56,068.89
8,006.91
64,075.81
119,907.26
2032 -
58,620.02
5,455.78
64,075.81
61,287.24
2033 -
61,287.24
2,788.57
64,075.81
-
Totals
685,785.63
275,351.45
961,137.08
Note - Interest Rate is 4.55%
ESTIMATE ONLY