RES 20-70CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-70
ADOPTING ASSESSMENT OF DEVELOPMENT FEES
LOT 1, BLOCK 1, PARKVIEW RETAIL
WHEREAS, Coborn Realty Company, LP, a Minnesota limited partnership, is the Owner of the property
legally described as Lot 1, Block 1, Parkview Retail; according to the Plat on file and of record with the
Office of the County Recorder, Wright County, Minnesota [PID 118-341-001010]; and
WHEREAS, Coborn Realty Company, LP as Owner, has petitioned the City for assessments related to
Development Fees including Water Availability Charges, Sewer Availability Charges, Storm Water
Management Impact Fees, and Park Dedication Fees; and
WHEREAS, Coborn Realty Company, LP as Owner, has petitioned the City for assessments related to
Development Fees including Water Availability Charges, Sewer Availability Charges, Storm Water
Management Impact Fees, and Park Dedication Fees; and
WHEREAS, the City of Otsego and Owner have agreed to special assessments against the property; and
WHEREAS, Coborn Realty Company, LP as Owner, has previously waived any and all hearings,
irregularities in procedure and any and all rights of appeal under Minnesota Statute or any other right of
appeal pursuant to Paragraph 20 of that document entitled Development Agreement, Lot 1, Block 1,
Parkview Retail, dated April 2, 2020.
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 Development Fees against [PID 118-341-001010], Lot 1, Block 1, Parkview
Retail in the principal amount of $125,821.56, shall be payable in equal annual installments
extending over a period of seven (7) years, the first of the installments to be payable on or before
the first Monday in January 2021, and shall bear interest at the rate of 0.00% percent per annum
from the date of adoption of this resolution. To the first installment shall be added interest on the
entire assessment from the date of this resolution until December 31, 2021.
3. The owner of any property so assessed may, at any time prior to certifications of the assessment
to the County Auditor, pay the whole of the assessment on such property, with interest accrued
to the date of payment, to the City of Otsego, except that no interest shall be charged if the entire
assessment is paid within 30 days from the adoption of this resolution; and the owner may, at any
time thereafter, pay to the City of Otsego the entire amount of the assessment remaining unpaid,
with interest accrued to December 31 of the year in which such payment is made. Such payment
must be made before November 15 or interest will be charged through December 31 of the next
succeeding year.
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 26th day of October, 2020.
MOTION BY: Warehime
SECONDED BY: Goede
IN FAVOR:
OPPOSED: Goede, Stockamp, Warehime and Tanner
None
CITY OF OTSEGO
Jessica L. Stockamp, Ma ` r
ATTEST:
4
Beth\\any Be tKg, Deputy Cit Jerk
EXHIBIT A
City of Otsego
- -
- -
52,788.12
` Special Assessments - Estimated Amortization
Schedule
- 7,541.16
45,246.96
Assessment - Water Availability Charges
- 7,541.16
- 7,541.16
37,705.80
Parkview Retail
- 7,541.16
- 7,541.16
30,164.64
Lot 1 Block 1
- 7,541.16
- 7,541.16
22,623.48
Interst
Payment
- 7,541.16
Principal
Year Assessed Accrual
Principal Interest
Total
Balance
2027 -
- 7,541.16
- 7,541.16
2020 36,839.99 -
- -
-
36,839.99
2021 - -
5,262.86 -
5,262.86
31,577.13
2022 - -
5,262.86 -
5,262.86
26,314.27
2023 - -
5,262.86 -
5,262.86
21,051.41
2024 - -
5,262.86 -
5,262.86
15,788.55
2025 - -
5,262.86 -
5,262.86
10,525.69
2026 - -
5,262.86 -
5,262.86
5,262.83
2027 - -
5,262.83 -
5,262.83
-
Totals
36,839.99 -
36,839.99
City of Otsego
Special Assessments - Estimated Amortization Schedule
Assessment - Sewer Availability Charges
Parkview Retail
Lot 1 Block 1
Interst Payment Principal
Year Assessed Accrual Principal Interest Total Balance
2020 52,788.12
- -
- -
52,788.12
2021 -
- 7,541.16
- 7,541.16
45,246.96
2022 -
- 7,541.16
- 7,541.16
37,705.80
2023 -
- 7,541.16
- 7,541.16
30,164.64
2024 -
- 7,541.16
- 7,541.16
22,623.48
2025 -
- 7,541.16
- 7,541.16
15,082.32
2026 -
- 7,541.16
- 7,541.16
7,541.16
2027 -
- 7,541.16
- 7,541.16
-
Totals 52,788.12 - 52,788.12
Interst Payment Principal
Year Assessed Accrual Principal Interest Total Balance
2020 16,870.00 -
-
- -
City of Otsego
2021 - -
Special Assessments - Estimated Amortization Schedule
- 2,410.00
14,460.00
Assessment - Storm Water Management Impact Fee
2,410.00
- 2,410.00
Parkview Retail
2023 - -
2,410.00
Lot 1 Block 1
9,640.00
2024 - -
Interst Payment
- 2,410.00
Principal
Year Assessed Accrual Principal Interest
Total
Balance
4,820.00
2026 - -
2020 19,323.45 - - -
-
19,323.45
2021 - - 2,760.49 -
2,760.49
16,562.96
2022 - - 2,760.49 -
2,760.49
13,802.47
2023 - - 2,760.49 -
2,760.49
11,041.98
2024 - - 2,760.49 -
2,760.49
8,281.49
2025 - - 2,760.49 -
2,760.49
5,521.00
2026 - - 2,760.49 -
2,760.49
2,760.51
2027 - - 2,760.51 -
2,760.51
-
Totals 19,323.45 -
19,323.45
City of Otsego
Special Assessments - Estimated Amortization Schedule
Assessment - Park Dedication Fee
Parkview Retail
Lot 1 Block 1
Interst Payment Principal
Year Assessed Accrual Principal Interest Total Balance
2020 16,870.00 -
-
- -
16,870.00
2021 - -
2,410.00
- 2,410.00
14,460.00
2022 - -
2,410.00
- 2,410.00
12,050.00
2023 - -
2,410.00
- 2,410.00
9,640.00
2024 - -
2,410.00
- 2,410.00
7,230.00
2025 - -
2,410.00
- 2,410.00
4,820.00
2026 - -
2,410.00
- 2,410.00
2,410.00
2027 - -
2,410.00
- 2,410.00
-
Totals 16,870.00 - 16,870.00