RES 16-47CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2016-47
RESOLUTION ADOPTING MODIFICATIONS TO PREVIOUSLY
ADOPTED SPECIAL ASSESSMENTS FOR
LOT 1, BLOCK 1, GREAT RIVER CENTRE FOURTH ADDITION
WHEREAS, the City of Otsego is the Owner of the property legally identified as Lot 1, Block 1, Great River
Centre Fourth Addition; and
WHEREAS, the Otsego City Council previously adopted Resolution 2016-22 on February 22, 2016
outlining the re -assessment of costs in relation to improvements made to County Road 42; and
WHEREAS, the Otsego City Council previously adopted Resolution 2016-23 on February 22, 2016
outlining the assessment of costs in relation to improvements for Quaday Avenue; and
WHEREAS, the Otsego City Council would like to change the installment terms of the assessments adopted
within the respective resolutions identified above; and
WHEREAS, as Owner, the City of Otsego hereby petitions for and consents to the assessments set forth
herein and waives any and all hearings, irregularities in procedure, and any all rights of appeal under
Minnesota Statute 429.081, or any other statute or case law; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO,
MINNESOTA:
That the installment terms of the assessments adopted in Resolution 2016-22 be superseded by the
new installment terms identified in No. 2 of this resolution.
2. That such assessment for County Road 42 Improvements against Lot 1, Block 1, Great River Centre
Fourth Addition in the principal amount of $432,582.68 shall be payable in equal annual principal
installments extending over a period of nine (9) years, the first of the installments to be payable on or
before the first Monday in January 2018, and shall bear interest at the rate of 4.375% percent per
annum. Said interest will commence on January 1, 2018. To each subsequent installment when due
shall be added interest for one year on all unpaid assessments.
That the installment terms of the assessments adopted in Resolution 2016-23 for Lot 1, Block 1,
Great River Centre, be superseded by the new installment terms identified in No. 4 of this resolution.
4. That such assessment for Quaday Avenue Improvements against Lot 1, Block 1, Great River Centre
Fourth Addition in the principal amount of $163,485.45 shall be payable in equal annual principal
installments extending over a period of nine (9) years, the fust of the installments to be payable on or
before the first Monday in January 2018, and shall bear interest at the rate of 3.25% percent per
annum. Said interest will commence on January 1, 2018. To each subsequent installment when due
shall be added interest for one year on all unpaid assessments.
That copies of said assessments are attached hereto as Exhibit A 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 benefitted by the improvements in the amount of the
assessment levied against it.
6. 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.
7. 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 9th day of May, 2016.
CITY OF OTSEGO
Jessica Stockamp, Mayor
ATTEST:
&W--y-k 34
Tami LoIT, City Clerk
MOTION made by Council Member Heidner and SECONDED by Council Member
INFAVOR: Stockamp, Heidner, Warehime, Darkenwald
OPPOSED: None
2
City of Otsego
_ Special Assessments - Amortization Schedule
Reassessment - Outstanding CR42 Improvements
Great River Centre - Fourth Addition
Lot 1 Block 1
Payment
Year Assessed Principal Interest Total Balance
2016 432,582.68
-
-
-
432,582.68
-
-
432,582.68
2017 -
-
2018 -
48,064.74
18,925.49
66,990.23
384,517.94
2019 -
48,064.74
16,822.66
64,887.40
336,453.20
2020 -
48,064.74
14,719.83
62,784.57
288,388.46
2021 -
48,064.74
12,617.00
60,681.74
240,323.72
2022 -
48,064.74
10,514.16
58,578.90
192,258.98
2023 -
48,064.74
8,411.33
56,476.07
144,194.24
2024 -
48,064.74
6,308.50
54,373.24
96,129.50
2025 -
48,064.74
4,205.67
52,270.41
48,064.76
2026 -
48,064.76
2,102.83
50,167.59
0.00
Totals 432,582.68 94,627.47 527,210.15
Payment
Year Assessed Principal Interest Total Balance
2016 163,485.45
-
-
-
163,485.45
-
-
163,485.45
2017 -
-
2018 -
18,165.05
5,313.28
23,478.33
145,320.40
2019 -
18,165.05
4,722.91
22,887.96
127,155.35
2020 -
18,165.05
4,132.55
22,297.60
108,990.30
2021 -
18,165.05
3,542.18
21,707.23
90,825.25
2022 -
18,165.05
2,951.82
21,116.87
72,660.20
2023 -
18,165.05
2,361.46
20,526.51
54,495.15
2024 -
18,165.05
1,771.09
19,936.14
36,330.10
2025 -
18,165.05
1,180.73
19,345.78
18,165.05
2026 -
18,165.05
590.36
18,755.41
-
Totals
163,485.45
26,566.38
190,051.83
City of Otsego
Special Assessments -Amortization Schedule
�Reassessment - Outstanding CR42 Improvements
'Great River Centre - Fourth Addition
Lot 1 Block 1
Payment
Year Assessed Principal Interest Total Balance
2016 432,582.68
-
-
-
432,582.68
2017 -
-
-
-
432,582.68
2018 -
61,797.53
18,925.49
80,723.02
370,785.15
2019 -
61,797.53
16,221.85
78,019.38
308,987.62
2020 -
61,797.53
13,518.21
75,315.74
247,190.09
2021 -
61,797.53
10,814.57
72,612.10
185,392.56
2022 -
61,797.53
8,110.92
69,908.45
123,595.03
2023
61,797.53
5,407.28
67,204.81
61,797.50
2024 -
61,797.50
2,703.64
64,501.14
-
Totals 432,582.68 75,701.96 508,284.64
Totals 432,582.68 94,627.47 527,210.15
Payment
Year Assessed
Principal
Interest
Total
Balance
2016 432,582.68
-
-
-
432,582.68
2017 -
-
-
-
432,582.68
2018 -
48,064.74
18,925.49
66,990.23
384,517.94
2019 -
48,064.74
16,822.66
64,887.40
336,453.20
2020 -
48,064.74
14,719.83
62,784.57
288,388.46
2021 -
48,064.74
12,617.00
60,681.74
240,323.72
2022 -
48,064.74
10,514.16
58,578.90
192,258.98
2023 -
48,064.74
8,411.33
56,476.07
144,194.24
2024 -
48,064.74
6,308.50
54,373.24
96,129.50
2025 -
48,064.74
4,205.67
52,270.41
48,064.76
2026 -
48,064.76
2,102.83
50,167.59
0.00
Totals 432,582.68 94,627.47 527,210.15
City of Otsego
Special Assessments - Amortization Schedule
Assessment - Quaday Avenue Extension
Great River Centre - Fourth Addition
-r 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
-
2016 163,485.45
-
-
-
163,485.45
2017 -
-
-
-
163,485.45
2018 -
18,165.05
5,313.28
23,478.33
145,320.40
2019 -
18,165.05
4,722.91
22,887.96
127,155.35
2020 -
18,165.05
4,132.55
22,297.60
108,990.30
2021 -
18,165.05
3,542.18
21,707.23
90,825.25
2022 -
18,165.05
2,951.82
21,116.87
72,660.20
2023 -
18,165.05
2,361.46
20,526.51
54,495.15
2024 -
18,165.05
1,771.09
19,936.14
36,330.10
2025 -
18,165.05
1,180.73
19,345.78
18,165.05
2026 -
18,165.05
590.36
18,755.41
-
Totals 163,485.45 26,566.38 190,051.83