HomeMy WebLinkAbout25-053 Resolution Adopting Assessments for CIP 25-02 CITY OF LAKEVILLE
RESOLUTION NO. 25-053
Resolution Adopting Assessments for City Improvement Project 25-02
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 City Project 25-02 within
portions of Cherry View 2nd Addition, Cherrywood Heights, Creek View 2nd Addition, and
Foxborough Addition.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota:
1. Such proposed assessment in a total amount of$564,768,copies of which are attached
hereto and made a part hereof,are hereby accepted and shall constitute the special
assessment against the lands named therein, and each tract of land therein included in
the 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 five (5) years for assessment values up to $2,500,ten (10)years for
assessment values from $2,501-5,000,fifteen (15) years for assessment values $5,001-
7,500, and twenty(20) years for assessment values over$7,501 the first of the
installments to be payable on or before the first Monday in January 2026. The
assessments shall bear interest at the rate of 3.88%percent 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,
2026. To each subsequent installment when due shall be added interest for one year
on all unpaid installments.
3. The owner of any property may,prior to certification of the assessment to the county
auditor, pay the whole or portion of the assessment on such property. No interest will
be charged if the entire assessment is paid by November 15,2025. No partial
payments will be accepted after November 15,2025. Payments made between
, November 16, 2025 and December 15,2025 will include daily interest accrued from
November 16 to the date of the payment. The first-year installment payments will be
due with taxes payable 2026 and will include interest accrued from November 16,
2025 - December 31, 2026. The property owner may at any time pay the entire
amount of the assessment remaining unpaid.
4. The clerk shall forthwith transmit a certified duplicate of this assessment to the
county auditor to be extended on the property t�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 7th day of Apri12
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Luke M. Hellier, Mayor
Ann Orlofsky,City Clerk