HomeMy WebLinkAboutItem 07.d
Date: April 16, 2018 Item No.
RESOLUTION ADOPTING ASSESSMENTS FOR CITY IMPROVEMENT
PROJECT 18 -02
Proposed Action
Staff recommends adoption of the following motion: Motion to approve the attached
resolution adopting assessments for City Improvement Project 18-02.
Overview
Based on the bid price received, the total cost for this project is expected to be
$7,971,915.00. The total cost to be specially assessed to the affected property owners is
$2,610,520.00.
Based on the bid prices received for the project, the single-family unit assessment rate will
be: $3,740.00
Staff has received approximately 30 phone calls concerning this assessment and the
hearing. The majority have called with questions regarding prepayment or deferment of
their assessment.
Primary Issues to Consider (See attached)
• Special Assessments: Terms and conditions
• Special Assessments: Feasibility Report vs. Bid Results
Supporting Information
• Tables comparing the proposed assessments and outlining the assessment terms are
attached.
Financial Impact: $7,971,915.00 Budgeted: Yes Source: 429 Bonds & Utility Funds
Related Documents (CIP, ERP, etc.): CIP
Community Values: Good Value for Public Services
Report Completed by: Chris Petree, Public Works Director
Primary Issues to Consider
• Special Assessments: Terms and Conditions
• Interest rate: 5.0%
• Term: 10-years
• First payment due with taxes payable 2019
• Senior Citizen deferments are available for those who qualify.
• Special Assessments: Feasibility Report vs. Bid Results
Feasibilty
Report Bid Results Reduction
Single Family Unit Rate 4,341.00$ 3,740.00$ -13.84%
CITY OF LAKEVILLE
RESOLUTION NO._________
RESOLUTION ADOPTING ASSESSMENTS FOR
CITY IMPROVEMENT PROJECT 18-02
CRYSTAL LAKE GOLF ESTATES AND CRYSTAL LAKE GOLF ESTATES 2ND, 4TH, AND 5TH
ADDITIONS; TROTTERS RIDGE AND TROTTERS RIDGE 2ND ADDITION; HYPOINTE
CROSSING AND HYPOINTE CROSSING 2ND ADDITION; WALNUT RIDGE; CRYSTAL LAKE
CLUB HOUSE; CRYSTAL LAKE COUNTRY CLUB AND CRYSTAL LAKE COUNTRY CLUB
2ND ADDITION; HOMESTEAD CREEK AND HOMESTEAD CREEK 2ND, 3RD, AND 4TH
ADDITIONS; TUTOR TIME ADDITION; SANASHA KNOLLS 2ND ADDITION; DAKOTA
HEIGHTS 7TH AND 8TH ADDITIONS; DANIELS ADDITION AND DANIELS 2ND, AND 3RD
ADDITIONS; ANDERSONS CENTURY FARM AND ANDERSON CENTURY FARM 2ND
ADDITION.
WHEREAS, pursuant to proper notice duly given as required by law, the Council has met,
heard and passed upon all objections to the proposed assessment for within portions of Crystal
Lake Golf Estates and Crystal Lake Golf Estates 2nd, 4th, and 5th Additions; Trotters Ridge and
Trotters Ridge 2nd Addition; Hypointe Crossing and Hypointe Crossing 2nd Addition; Walnut
Ridge; Crystal Lake Club House; Crystal Lake Country Club and Crystal Lake Country Club 2nd
Addition; Homestead Creek and Homestead Creek 2nd, 3rd, and 4th Additions; Tutor Time
Addition; Sanasha Knolls 2nd Addition; Dakota Heights 7th and 8th Additions; Daniels Addition
and Daniels 2nd, and 3rd Additions; Andersons Century Farm and Anderson Century Farm 2nd
Addition.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota:
1. Such proposed assessment No. 1364 in the amount of $2,610,520.00, 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 is hereby found
to be benefited by the proposed improvement in the amount of the assessment levied against it.
2. Such assessments shall be considered payable in equal annual principal installments over
a period of ten (10) years, the first of the installments to be payable on or before the first Monday
in January 2019. The assessment shall bear interest at the rate of 5.0% percent per annum from
November 16, 2018. To the first installment shall be added interest on the entire assessment from
November 16, 2018 until December 31, 2019. To each subsequent installment when due shall be
added interest for one year on all unpaid installments.
3. The owner of any property so assessed 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 Treasurer, except that no interest shall be charged if the
entire assessment is paid by November 15, 2018. The owner of any property at any time thereafter
may 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
by November 15th or interest will be charged through December 31 of the succeeding year.
4. The City Clerk shall forthwith transmit a certified duplicate of this assessment to the
County Auditor to be extended on the proper tax lists of the county, and such assessments shall be
collected and paid over in the same manner as other municipal taxes.
ADOPTED by the Lakeville City Council this 16th day of April 2018.
CITY OF LAKEVILLE
_________________________________
Douglas P. Anderson, Mayor
ATTEST:
_____________________________
Charlene Friedges, City Clerk