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Home My WebLink About6.e. Adopt Assessment Roll – Greystone Street and Utility Improvements, City Project 439 4 ROSEMOUNT SUMMARY CITY COUNCIL City Council Meeting: September 4, 2012 AGENDA ITEM: Adopt Assessment Roll — Greystone 1St AGENDA SECTION: Street and Utility Improvements, City Consent Project 439 PREPARED BY: Phil Olson, PE, Assistant City Engineeb AGENDA NO. Vt. ATTACHMENTS: Resolution; Assessment Roll; Map APPROVED BY: DJ - RECOMMENDED ACTION: Motion to Adopt a Resolution Adopting the Assessment Roll for the Greystone 1st Street and Utility Improvements, City Project 439. BACKGROUND: On May 15, 2012 the City Council executed the subdivision agreement for Greystone 1St Street and Utility Improvements, City Project 439. Included in the subdivision agreement was a petition and waiver agreement for the assessment of project costs to the developer, Ryland Homes. A total of$882,262.78 is proposed to be assessed to adjacent properties as shown on the attached assessment roll. This amount (shown in detail below) includes construction and trunk fees for Greystone 1St Addition. Greystone 1st Street $793,634.78 Sanitary Trunk $12,578.00 Water Trunk $76,050.00 Total $882,262.78 The project will be assessed over a 5-year period at an interest rate of 2.8956%. SUMMARY: Staff recommends that the City Council adopt a resolution adopting the assessment roll as presented. G:AENGPROJ\439\20120904 CC AdoptAssessmcnt.docx CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2012- A RESOLUTION ADOPTING THE ASSESSMENT ROLL FOR GREYSTONE 1ST STREET AND UTILITY IMPROVEMENTS CITY PROJECT 439 WHEREAS, on May 15, 2012 the City Council had received the petition and waiver agreement for the proposed assessment for the Greystone 1" Street and Utility Improvements, City Project 439, and has amended such proposed assessment as it deems just. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota, as follows: (1) Such proposed assessment in the amount of $882,262.78, a copy of which is in Clerk's File dated September 4, 2012, is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein is hereby found to be benefited by the proposed improvement. (2) Such assessments shall be as follows: a. The assessments shall be payable in equal annual installments extending over a period of five (5) years, the first of said installments to be payable with general taxes for the year 2013, collectible with such taxes during the year 2014. b. To the first installment shall be added interest on the entire principal amount of the assessment from October 4, 2012 until December 31 of the year in which such installment is payable. The interest rate shall be set at either 2.8956% per annum, or 2 points above the City's bond rate at the time the assessments are certified to the County Auditor, whichever is less. To each subsequent installment, when due there shall be added interest for one year at said rate on the unpaid principal amount of the assessment. c. The owner of any property so assessed may at any time prior to the certification of the assessment or the first installment thereof to the County Auditor, pay the whole of the principal amount of the assessment on such property with interest accrued to the date of payment to the City Treasurer, except that no interest shall be charged if the entire assessment is paid by December 15, 2011; and such property owner may at any time prior to November 15 of any year pay to the County Auditor the entire principal amount of the assessment remaining due with interest accrued to December 31 of the year in which said payment is made. (3) On October 4, 2012, the City Clerk shall transmit a copy of this assessment roll to the County Auditor to be extended on the tax list of the County. ADOPTED this 4th day of September,2012. William H.Droste,Mayor ATTEST: Amy Domeier, City Clerk .n ken kn vi v, v) kn v, v, kn v) ,n kn v, v, ,n .n v, ,n v, ,n ,n oo N N N N N N N N N N N N N N N N N N N N N N N N A z a; o; o; a; a; a, a; a a; a; rn a a; a a, o; ci a; d a; a a 0, N W W vi h f ,n ,n ,n ,n vi ,n ,n ,n ,n ,n ,n v 4 N Z M "1. (n M '1. M M M M M M M M M M M M M M M M M el. 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E- H H N H H E- H E- H O N O 07 O o O o o O° O N O oO O N O oo O N O oo O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 N '820, 000 M M M M A 88888888888888 `0"8 O • p O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M M M M M M M M M M M M M M M M M M M M M M M 4 4 4 7 4 7 4 d' 7 4 7 4 7 4 rY 4 4 4 4 4 4 4 4 M M M M M M M M M M M M M M M M M M M M M M M R O SEmouNT Greystone . : a . :, . . .:,. .. 1! k 1. a fi(31,t ''' , tip,,: , X 'I Ili cos d GI 142D ;emu Old City Hall Park 0 420 840 1,680 2,520 3,360 Feet T:/GIS/City/Maps/Departmental Maps/Engineering/Chris/Location Map-439 April 2012