HomeMy WebLinkAbout17-169CITY OF LAKEVILLE
RESOLUTION NO. 17-169
RESOLUTION AMENDING RESOLUTION NO. 17-75 APPROVING AND ADOPTING FIRST
AMENDMENT TO DEVELOPMENT CONTRACT, ASSESSMENTS AND COLLATERAL
ASSIGNMENT OF DEVELOPMENT CONTRACT
WHEREAS, on June 19, 2017, the City Council approved Resolution No. 17-75 approving a
First Amendment to Development Contract, Assessments and a Collateral Assignment of
Development Contract; and
WHEREAS, the City desires to correct certain errors in Resolution 17-75 and finalize the
assessment amount.
NOW THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota that
paragraphs 1-6 of Resolution No. 17-75 are amended to read as follows:
1. The Amendment to Development Contract is hereby accepted and approved.
2. A special assessment in the principal amount of $489,283.74 is hereby imposed against the
Property, which shall be allocated following recording of the plat for Launch Park First
Addition, Dakota County, State of Minnesota, as follows:
Lot 1, Block 1 = $252,470.41
Outlot A = $236,813.33
3. 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 2018 property taxes, and shall bear interest
at the rate of 5% per annum from June 19, 2017, the date of the adoption of Resolution No.
17-75. To the first installment shall be added interest on the entire assessment from June 19,
2017 until December 31, 2018. To each subsequent installment when due shall be added
interest for one year on all unpaid installments.
4. 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 if the entire
assessment is paid within 60 days from the adoption of Resolution No. 17-75; and it 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.
5. 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.
6. A collateral assignment of the Development Contract in favor of National Bank of Commerce
is hereby approved and the Mayor and City Clerk are authorized to execute the appropriate
documentation for such assignment.
ADOPTED by the Lakeville City Council this 20th day of November 2017.
Douglas P. Anderson, Mayor
Charlene Friedges, City