HomeMy WebLinkAbout25-066 Resolution Adopting Assessments for City Improvement Project 25-02 and Repealing No. 25-053CITY OF LAKEVILLE
RESOLUTION NO. 25-066
Resolution Adopting Assessments for City Improvement Project 25-02
And Repealing Resolution No. 25-053
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 at the April 7th 2025 Council meeting; and
WHEREAS, the assessment roll interest rate on Resolution No. 25-053 was based on estimated
rates prior to the bond sale; and
WHEREAS, the actual interest rate of the bond sale was available and provided in the assessment
notifications; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakeville, Minnesota:
1. Resolution No. 25-053 adopted on April 7th, 2025 is hereby Repealed, and
2. 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.
3. 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 3.25% per annum from the date of the adoption of the original assessment
resolution on April 7, 2025. To the first installment shall be added interest on the entire
assessment from April 7, 2025 until December 31, 2026. To each subsequent installment
when due shall be added interest for one year on all unpaid installments.
4. 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.
5. The 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 21st day of April 2025.
CITY OF LAKEVILLE
By: ________________________________
Luke M. Hellier, Mayor
ATTEST:
________________________________
Ann Orlofsky, City Clerk