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City Council Resolution 2007-98CITY OF MONTICELLO RESOLUTION NO. 2007-98 RESOLUTION ADOPTING ASSESSMENT ROLL DEVELOPMENT CHARGES — RIVER CITY LANES LOTS 1 & 2, BLOCK 1, JEFFERSON COMMONS THIRD ADDITION WHEREAS, pursuant to the terms of a land exchange and private development agreement dated August 31, 2006 covering costs relating to the development of Lots 1 and 2, Block 1, Jefferson Commons Third Addition; NOW THEREFORE, BE IT HEREB Y RESOL VED BY THE CITY COUNCIL OF MONTICELLO, MINNESOTA: 1. Such proposed assessment, 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 assessment shall be payable in equal annual installments extending over a period of ten years, the first of the installments to be payable on or before the first Monday in January 2008, and shall bear interest at the rate of five and one -half percent per annum from the date of the land exchange and private development agreement (August 31,2006). To the first installment shall be added interest on the entire assessment from August 31, 2006 until December 31, 2008. 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, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of this resolution; and the property owner, may, at any time thereafter, pay to the City 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. ;. 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 Monticello City Council this 26th day of November, 2007. ATTEST: Clint Herbst, Mayor Jeff O' Administrator