RES 12-05CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2012-05
RESOLUTION MODIFYING ASSESSMENT- MISSISSIPPI SHORES
SIXTH, SEVENTH AND EIGHTH ADDITION
WHEREAS, the property owners within MISSISSIPPI SHORES SIXTH,
SEVENTH AND EIGHTH ADDITION petitioned the City for construction of
certain public improvements within the above named Plats designated as Otsego
City Projects Nos.05-05 and 05-06 and agreed to pay 100% of the assessment and
waive all procedural challenges and any right of appeal as set forth in that
Agreement between the City and the property owners; and
WHEREAS, the City of Otsego did prior to January, 2007 and March, 2007
certify assessments against the parcels identified in this resolution for a period of
20 years at an annual interest rate of 6% ; and
WHEREAS, the City of Otsego has determined that the current interest rate on
the assessment can be adjusted downward with no material affect on the City's
ability to make required debt service payments on the bonds issued for said City
Projects; and
WHEREAS, the properties affected by this action are identified as LOT 1,
BLOCK 1, MISSISSIPPI SHORES 8TH ADDITION (PID No. 118-216-001010),
LOT 1, BLOCK 1, MISSISSIPPI SHORES 7TH ADDITION (PID No. 118-054-
001010), LOT 5, BLOCK 1, MISSISSIPPI SHORES 6TH ADDITION (PID NO.
118-038-001050), and LOTS 3 AND 4, MISSISSIPPI SHORES 6' ADDITION
(PID No. 118-038-001040).
NOW, THEREFORE IT IS RESOLVED by the City Council of the City of
Otsego, Minnesota as follows:
That the interest rate on the Assessment for MISSISSIPPI SHORES
SIXTH, SEVENTH AND EIGHTH ADDITION designated for City
Project Nos. 05-05 and 05-06 and affecting the parcels listed above is
hereby reduced from 6% to 5%, effective on the tax rolls for 2011 taxes
payable in 2012.
ADOPTED, this 9th day of January, 2012 by the Otsego City Council.
MOTION MADE BY CM HEIDNER and SECONDED by
CM SCHROEDER
IN FAVOR: MAYOR STOCKAMP; COUNCILMEMBERS: HEIDNER, SCHARBER, SCHROEDER AND
DARKENWALD
OPPOSED: NONE
CITY OF OTSEGO
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Jessica Stockamp, Mayor
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Tami Loff, City Clerk
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