RES 11-51CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2011- 51
RESOLUTION MODIFYING ASSESSMENT- QUANTRELLE AVENUE
NORTH, A PORTION OF CITY PROJECT NO. 07-04
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 a portion of Otsego City Project
No. 07-04 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 117 873 6, 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-
264-000010, 118-264-000020, 118-264-000030, 118-264-000040, and 118-264-
001010.
NOW, THEREFORE IT IS RESOLVED by the City Council of the City of
Otsego, Minnesota as follows:
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1. That the interest rate on the Assessment for Quantrelle Avenue North
designated as a portion of City Project No 07-04 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. the difference
in the interest rate as assessed and the agreed upon reduction on those
amounts actually paid by GCI Capital, Inc. in 2011.
3. That the remaining term of the assessment is hereby reduced from thirteen
(13) years to ten (10) years, and payments are to be adjusted accordingly.
ADOPTED this 10th day of October, 2011 by the Otsego City Council.
MOTION MADE BY
CM Schroeder
CM Heidner
and SECONDED by
IN FAVOR: Mayor Stockamp; Councilmembers: Heidner, Schroeder, Darkenwald and
Scharber
OPPOSED: None
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CITY OF OTSEGO
-Stockamp, •
Tami Loff, City Clerk