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<br />Special Assessment Calculations <br /> <br />Assessments are effective the date that the City Council adopts the assessment roll. <br />Interest is calculated from date of adoption; however, property owners may pay the entire <br />assessment in full within thirty (30) days without interest charges. After thirty (30) days, <br />but before certification to the County(early September), property owners may pay principal <br />plus accrued interest at City Hall. After certification to the County, payments are made <br />directly to Ramsey County. Property owners may pay the total assessment against <br />their property with accrued interest at any time during the life of the project assessment <br />period. If paid before November 15th, interest is calculated through December 31st of the <br />current year If paid after November 15th, interest is caiculated through December 31st <br />of the next year <br /> <br />Example: <br />Assessment Amount $ 2,061.52 <br />No. of years assessed 5 <br />Interest Rate* 10.25% <br />Assessment Roll Approval Date 5/14/2007 <br />Est Total Interest over the life $ 767.65 <br />Schedule of Payments: <br /> Interest Principal Total Balance <br />Year 1** $ 345.04 $ 412.30 $ 757.34 $ 1,649.22 <br />Year 2 169.04 $ 412.30 581.35 1,236.91 <br />Year 3 126.78 $ 412.30 539.09 824.61 <br />Year 4 84.52 $ 412.30 496.83 412.30 <br />Year 5 42.26 $ 412.30 454.57 <br /> $ 767.65 $ 2,061.52 $ 2,829.17 <br /> <br />* Note: Interest rate is prime rate plus 2%. Rate to be applied to assessments <br />is set by the City Council when adopting the assessment roll. <br />** Note: Interest in year 1 is for 231 days in 2007 and one full year in 2008. <br />