2024-028 - Laserfiche WebLink

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2. Such Assessment is proposed to be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable on or before the first Monday in January 2025 and will bear interest at the rate of 4.75% per annum from the date of the adoption of the assessment resolution. To the first installment shall be added interest on the entire assessment from the date of the assessment resolution until December 31', 2024. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 3. Such Deferred Assessment is proposed to be deferred (a) for a period of 20 years, or (b) until Lot 3 is separated from Lot 2 for separate development or is sold by the current owners, or the owners' heirs, at which time the Deferred Assessment shall become payable in equal installments extending over a period of 10 years, whichever occurs first the first installment be payable on or before (a) the first Monday in January 2045, or (b) on or before the first Monday in January of the year following such lot separation or sale. 4. The owner of the property so assessed against Lot 2 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 the Assessment. The 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 succeeding year. 5. The Deferred Assessment will bear a rate of 0.00% per annum from the date of adoption of the Deferred Assessment, until (a) December 31, 2044, or(b) until December 31 of the year in which Lot 3 is separated from Lot 2 for separate development or is sold, whichever occurs first. Such accrued interest shall be forgiven (a) as of December 31, 2044, or(b) as of December 31 of the year in which Lot 3 is separated from Lot 2 or is sold, whichever occurs first. From (s) January 1, 2045, or (b) from January 1 of the year following the lot separation or sale of the property, whichever occurs first, the Deferred Assessment will bear a rate of 4.75%per annum. 6. The clerk shall forthwith transmit a certified duplicate of the Assessment to the county auditor to be extended on the property tax lists of the county. Such Assessment shall be collected and paid over in the same manner as other municipal taxes. The clerk shall also forthwith transmit a certificate of the Deferred Assessment to the county auditor. ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARD N HILLS THIS 28TH DAY OF MAY, 2024. David Grant, Mayor ATTEST: C�V& JaW,14� Julie son, City Clerk To view the final document, access adopted Resolutions via Arden Hills Public Laserfiche Weblink by visiting cityofardenh ills.org and clicking on Archived Documents under Helpful Links on our main webpage. Page 2 of 2