CCP 05-17-2004 - Laserfiche WebLink

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. City of Arden Hills 2004 Assessment Policy Once the assessments are certified to the County, it is the responsibility of the County staff to calculate the interest charges and include them in the annual propeJ1y tax payment schedule. . Example: Assessment Amount No. of years assessed Interest Rate Assessment Roll Approval Date Est. Total Interest over the life Schedule of Payments: . Year l' Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Interest $ 450.00 $ 243.00 $ 216.00 $ 189.00 $ 162.00 $ 135.00 $ 108.00 $ 81.00 $ 54.00 2700 $1,665.00 $4,500 10 6% 5/1 /2005 $1665 --1 $ 900.00 $ 693.00 $ 666.00 $ 639.00 $ 612.00 $ 585.00 $ 558.00 $ 531.00 $ 504.00 $ 477.00 $6.16500 Balance $4,050.00 $3,600.00 $3,150.00 $2,700.00 $2,250.00 $1,800.00 $1,350.00 $ 900.00 $ 450.00 $ * Note: Interest in year I is for t enty (20) months (May I ,2005 - December 31,2006). . 12. Ad Valorem Tax The City Council may, at their discretion, utilize ad valorem taxes to fund portions of the project cost of any public improvement. This shall be done in accordance with the appropriate Minnesota State Statutes. 13. Petition for Non-Programmed Proiects The City of Arden Hills has established a formal capital improvcmcnt program for street reconstruction and rehabilitation projects. It is the intent of the City to generally follow this established program. The Arden Hills City Council will accept petitions from property owners requesting non-programmed projects. Generally, the assessment rate for non- programmcd improvement projects initiated by petition of the affected property owners, and approved by the Council, shall be one-hundred percent (100%) of the total project cost. 2004 Assessment Policy Manual - Page 9