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Home My WebLink About17-076CITY OF LAKEVILLE DAKOTA COUNTY, MINNESOTA RESOLUTION NO. 17-76 RESOLUTION APPROVING AND ADOPTING A PUBLIC IMPROVEMENT AND SPECIAL ASSESSMENT AGREEMENT AND ASSESSMENTS WHEREAS, Hat Trick Investments, LLC, a Minnesota limited liability company, ("Owner") is the fee owner of property located in the City of Lakeville, Dakota County, Minnesota, legally described in Exhibit A, attached hereto and incorporated herein ("Property"); WHEREAS, Owner has requested assessment of a portion of the costs associated with the City Improvement Project 17-07, together with associated legal expenses, engineering administration and staff time, financing (bond issuance), construction observation, surveying, record drawing preparation, permits and publications against the Property; WHEREAS, the City has received the attached signed Public Improvement and Special Assessment Agreement, attached hereto as Exhibit B, ("Assessment Agreement") that includes assessment of a portion of the costs for City Improvement Project 17-07 and waiving all applicable assessment procedural requirements and requesting to be assessment for the public improvement costs in the amount itemized therein against the Property; NOW THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota: 1. The Assessment Agreement is hereby accepted and approved. 2. A special assessment in the principal amount of $701,214.38 is hereby imposed against the Property. 2. Such assessment shall be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable with the first installment of the 2018 property taxes, and shall bear interest at the rate of 5% per annum from the date of the adoption of this assessment resolution. To the first installment shall be added interest on the entire assessment from the date of this resolution until December 31, 2017. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 3. The owner of the Property may, at any time prior to certification 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 city , except that no interest shall be charged in the entire assessment is paid within 60 days from the adoption of this resolution; and he may, at any time thereafter, pay to the city treasurer 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 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 Lakeville City Council this 19th day of June 2017 CITY OF LAKEVILLE ATTEST: r Charlene Friedges, City erk EXHIBIT A Legal Description of Property All that part of the Northwest Quarter of Section 3, Township 113, Range 20, lying northerly of a line drawn northeasterly from the west line of said Northwest Quarter, distant 988.42 feet south of the northwest corner of said Northwest Quarter to a point on the east line of said Northwest Quarter distant 818.14 feet south of the northeast corner. PUBLIC IMPROVEMENT AND SPECIAL ASSESSMENT AGREEMENT THIS PUBLIC IMPROVEMENT D SPECIAL ASSESSMENT AGREEMENT ("Agreement") is made this �A3iday of IMPROVEMENT vv t , 2017, by and between the CITY OF LAKEVILLE, a Minnesota municipal corporation ("City") and HAT TRICK INVESTMENTS, LLC, a Minnesota limited liability company, ("Owner"). RECITALS A. Owner is the fee owner of property located in Lakeville, Dakota County Minnesota, legally described on Exhibit A attached hereto and incorporated herein (the "Property"); B. The Owner has requested that the Property be assessed for $701,214.38 as Owner's share of the costs for City Improvement Project 17-07 (the "Improvements"), which include associated legal expenses, engineering administration and staff time, financing (bond issuance), construction observation, surveying, record drawing preparation, permits and publication fees. NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS THE PARTIES AGREE AS FOLLOWS: 1. PUBLIC IMPROVEMENTS AND FEE WAIVER. The City shall construct the Improvements that specially benefit the Property. 2. SPECIAL ASSESSMENT. The City will assess the Property Seven Hundred One Thousand Two Hundred Fourteen and 38/100ths Dollars ($701,214.38) for Owner's share of the total costs of the Improvements. The special assessment shall be deemed adopted on the date this Agreement has been signed by all parties. The assessment shall be spread without deferment over a ten (10) year period in equal annual installments, together with interest of five percent (5%) per year on the unpaid balance. The first installment shall be payable with taxes paid in 2018. In the event that the total costs of the Improvements are less than the amounts assessed by the City for the Improvements to all parcels within and outside the Launch Park First Addition plat (the "Deficiency"), the assessment to the Property will be reduced proportionately by multiplying the amount of the Deficiency by a fraction, the numerator of which is the assessment amount for the Property set forth above, and the denominator of which is the total assessment amount for all parcels assessed for the Improvements. 1 1928391 3. WAIVER. Owner, its successors and assigns, waives any and all procedural and substantive objections to the Improvements and special assessment, including but not limited to hearing requirements and any claim that the assessment exceeds the benefit to the Property. Owner waives any appeal rights otherwise available pursuant to Minn. Stat. § 429.081. 4. BINDING EFFECT; RECORDING. This Agreement shall be binding upon Owner and Owner's successors and assigns in title to the Property. This Agreement shall run with the land and may be recorded against the title to the Property. CITY OF LAKEVILLE Im Dougla�X�Anderson, Mayor (SEAL) AND Charlene Friedges, City C STATE OF MINNESOTA ) )ss. COUNTY OF DAKOTA ) The foregoing instrument was acknowledged before me this day of U n -t-, 2017, by Douglas P. Anderson and by Charlene Friedges, the Mayor and City Clerk of the City of Lakeville, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. 2) Notary Public-"' _ F(WPENNY D. BREVIG ` Notary Public • Minnesota My Commission Expires Jan. 31. 2070 2 1928391 OWNER: HAT TRICK INVESTMENTS, LLC BY: I STATE OF MINNESOTA ) )ss. COUNTY OF n ) The foregoing instrument was acknowledged before me this day ofUnt , 20175 the \ ; -e P�-e � y�-1 , of Hat Trick Investments, LLC, a Minnesota imited liability company, on its behalf. Notary Pu lic KATHRYN LEE DITMARSDN NOTARY PUBLIC • MINNESOTA My Commission Expires 01 /3112021 THIS INSTRUMENT WAS DRAFTED BY: Campbell Knutson Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 AMP/cj h 3 192839vl EXHIBIT A LEGAL DESCRIPTION OF PROPERTY All that part of the Northwest Quarter of Section 3, Township 113, Range 20, lying northerly of a line drawn northeasterly from the west line of said Northwest Quarter, distant 988.42 feet south of the northwest corner of said Northwest Quarter to a point on the east line of said Northwest Quarter distant 818.14 feet south of the northeast corner. 4 192839v1 MORTGAGEE CONSENT TO PUBLIC IMPROVEMENT AND SPECIAL ASSESSMENT AGREEMENT ALLIANCE BANK, a Minnesota corporation, which holds a mortgage on the subject property, the development of which is governed by the foregoing Public Improvement and Special Assessment Agreement, agrees that the Public Improvement and Special Assessment Agreement shall remain in full force and effect even if it forecloses on its mortgage. Dated this 13 day of June, 2017. ALLIAN Mr STATE OF MINNESOTA } }ss. COUNTY OF RAMSEY } Vice President The foregoing instrument was acknowledged before me this (3 day of June, 2017, by Justin Betzold the Vice President of Alliance Bank, a Minnesota corporation, on behalf of said corporation. I � NOTARY THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNursoN Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, MN 55121 Telephone: 651-452-5000 AMP/cjh 5 1928395 KATIE LYNN RODDY Notary Public -Minnesota My Commhslm Eom Jan 31, 2020V%MV1WWVVVM��VVVWV_V1W oyl