RES 16-23CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2016-23
RESOLUTION ADOPTING ASSESSMENT- IMPROVEMENTS TO QUADAY AVENUE
GREAT RIVER CENTRE OF OTSEGO FOURTH ADDITION
WHEREAS, the City of Otsego is the Owner of that property described as
GREAT RIVER CENTRE OF OTSEGO FOURTH ADDITION; and
WHEREAS, as Owner the City of Otsego hereby petitions for and consents to
the assessment set forth herein and waives any and all hearings, irregularities in
procedure, and any and all rights of appeal under Minnesota Statute 429.081 or any
other statute or case law; and
WHEREAS, the City of Otsego acknowledges and agrees that the property is
benefited in at least the amount of the assessment.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OTSEGO, WRIGHT COUNTY, MINNESOTA:
1. Such proposed assessment, a copy of which is attached hereto and made a part
hereof, is hereby accepted and shall constitute the special assessment against the
lands named therein, and each tract of land therein included in hereby found to be
benefited by the proposed improvement in the amount of the assessment levied against
it.
2. Such assessment against LOT 1, BLOCK 1 GREAT RIVER CENTRE OF OTSEGO
FOURTH ADDITION in the principal amount of $163,485.45 shall be payable in equal
annual principal 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, 2018 shall bear
interest at the rate of 3.25% percent per annum, said interest commencing on January
1, 2018. To each subsequent installment when due shall be added interest for one year
on all unpaid installments. The assessment against OUTLOT A, GREAT RIVER
CENTRE OF OTSEGO FOURTH ADDITION shall be in the principal amount of
$154,211.55 but shall be deferred until development, with no interest accruing.
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 Otsego City Clerk, 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 Otsego
City Clerk 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 Otsego City Clerk shall forthwith transmit a certified duplicate of this
assessment to the county auditor to be extended on the property tax lists of the county.
Such assessments shall be collected and paid over in the same manner as other
municipal taxes.
ADOPTED by the Otsego City Council this 22nd day of February, 2016.
Motioned By: Darkenwald
Seconded By: Schroeder
All in Favor: Darkenwald, Schroeder, Heidner
Those Opposed: None
r
qj� — �"L �
Vern Heidner, Acting Mayor
Tami Loff, City Clerk
City of Otsego
Special Assessments - Amortization Schedule
Assessment - Quaday Avenue Extension
Great River Centre - Fourth Addition
Lot 1 Block 1
Payment
Year Assessed Principal Interest Total Balance
2016 163,485.45
-
-
-
163,485.45
2017 -
-
-
-
163,485.45
2018 -
23,355.06
5,313.28
28,668.34
140,130.39
2019 -
23,355.06
4,554.24
27,909.30
116,775.33
2020 -
23,355.06
3,795.20
27,150.26
93,420.27
2021 -
23,355.06
3,036.16
26,391.22
70,065.21
2022 -
23,355.06
2,277.12
25,632.18
46,710.15
2023
23,355.06
1,518.08
24,873.14
23,355.09
2024 -
23,355.09
759.04
24,114.13
-
Totals 163,485.45 21,253.12 184,738.57
City of Otsego
Special Assessments - Amortization Schedule
Assessment - Quaday Avenue Extension
Great River Centre - Fourth Addition
Outlot A
Payment
Year Assessed Principal Interest Total Balance
2016 154,211.55 -
- - 154,211.55
2017 - -
- - 154,211.55
2018 - -
- - 154,211.55
2019 - -
- - 154,211.55
2020 - -
- - 154,211.55
2021 - -
- - 154,211.55
2022 - -
- - 154,211.55
2023 -
- - 154,211.55
2024 - -
- - 154,211.55
Totals - - -
The assessment on this parcel is deferred with no interest until development occurrs.