RES 11-50CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2011- 50
RESOLUTION MODIFYING ASSESSMENT- WATERFRONT EAST, A
PORTION OF CITY PROJECT NOS. 04-09 AND 05-06
WHEREAS, the former property owners of Waterfront East petitioned the City
for construction of certain public improvements within the Plat of Waterfront East
and Waterfront East Third Addition, designated as Otsego City Project Nos.04-09
and 05-06 respectively and agreed to pay 100% of the assessment and waive all
procedural challenges and any right of appeal as set forth in the Developers
Agreement between the City and the previous property owner dated December 20,
2004, 2004 and recorded on May 16, 2005 as Document No. A 959295 and
subsequent addendums to that Agreement recorded as Documents Nos. A 959296,
A 1034739, A 1078259 and A 1101096 at the Office of the Wright County
Recorder; and
WHEREAS, the property has been foreclosed upon by GCI Capital, Inc. who
owns the following: Outlot K, Otsego Waterfront East, Outlots A, B,C and D,
Otsego Waterfront East Third Addition and Lot 1, Block 1 and Lot 1, Block 2
Waterfront East Third Addition ; and
WHEREAS, the City of Otsego and GCI Capital have arrived at a settlement
dated June 29, 2011 and which was recorded against the property on June 30, 2011
as Document No. A 1178736, which includes provisions related to the interest rate
for the previously adopted assessment; and
WHEREAS, the properties affected by this action are identified as PID Nos. 118-
217-000110, 118-217-000130, 118-264-000010, 118-264-000020, 118-264-
000030, 118-264-000040, 118-264-001010, and 118-264-002010.
NOW, THEREFORE IT IS RESOLVED by the City Council of the City of
Otsego, Minnesota as follows:
1
That the interest rate on the Assessment for Waterfront East designated as a
portion of City Project Nos. 04-09 and 05-06 and affecting the parcels
listed above is hereby reduced from 7% to 5%, effective on the tax rolls for
2011 taxes payable in 2012.
2. That pursuant to the Settlement, the interest rate change is effective as of
January 1, 2011 and the City shall refund to GCI Capital, Inc. and any other
affected parcel the difference in the interest rate as assessed against the
identified parcels and the agreed upon reduction on those amounts actually
paid by GCI Capital, Inc. or others in 2011.
ADOPTED, this 10th day of October, 2011 by the Otsego City Council.
MOTION MADE BY CM Heidner and SECONDED by
CM Schroeder
IN FAVOR: Maw r Stockamp; Councilmembers: Heidner, Schrceder, Darkenwald and
Scharber.
OPPOSED: None
CITY OF OTSEGO
11111101K
Jessica Stockamp, •
dwW�L�N *A
Tami Lof , City Clerk
2