RES 11-16RESOLUTION NO. 2011 - 16
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION ADOPTING REVISED ASSESSMENT ROLL MODIFYING
INTEREST RATE ON ASSESSMENT
FOR OTSEGO CITY PROJECT NO. 0609 IMPROVEMENTS TO
COUNTY STATE AID HIGHWAY 42
WHEREAS, the City of Otsego has previously assessed benefited
properties for improvements to County State Aid Highway 42 identified as
Otsego City Project No. 0609; and,
WHEREAS, the Project was initiated by Petition of the owners of
Great River Centre commercial development, and not by 100% of the
affected property owners, as required to allow for development of the
Great River Centre and other planned urban development in the area; and,
WHEREAS, many of the assessments on the Project are deferred
until rezoning and development of the properties that are guided for future
urban use but remain zoned A-1, Agriculture Rural Service District in
accordance with the Interim Land Use Plan adopted as part of the
Comprehensive Plan; and,
WHEREAS, the City has refinanced the bonds related to this project
resulting in a reduction of the interest rate on the City's bonds; and
WHEREAS, urban development within the Project area has slowed
as a result of recent economic conditions delaying possible development of
properties within the Project area; and
WHEREAS, due to the unique nature of the assessment on these
properties affecting a large number of parcels for which urban
development is not immediately proposed, the City Council wishes to pass
on savings from reduction in interest payments to the assessed property
owners; and,
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WHEREAS, all affected property owners have received and
executed waivers of procedures and appeals relative to the proposed
Council action.
NOW THEREFORE BE IT RESOLVED by the City Council of the
City of Otsego, Wright County, Minnesota as follows:
1. That the interest rate for the assessments for those improvements
for City of Otsego Project No. 0609 is hereby reduced from 5.5% to
4.375% effective January 1, 2011.
2. That City staff are directed to take all necessary steps to effectuate
the reduction in interest rate including, but not limited to,
recertification of the revised assessment roll to Wright County.
ADOPTED by the City Council of the City of Otsego this 14th day
of MARCH, 2011.
MOTION BY: CM SCHARBER
SECOND BY: CM DARKENWALD
ALL IN FAVOR: MAYOR STOCKAMP; COUNCILMEMBERS: DARKENWALD, SCHARBER, HEIDNER
AND SCHRODER
THOSE OPPOSED: NONE
ATTEST: Japes
Tami Loff, City Clerk
CITY OF OTSEGO
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