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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 31 st of the <br />current year. If paid after November 15th, interest is calculated through December 31 st <br />of the next year. <br /> <br />Example: <br />Assessment Amount $ 3,308.01 <br />No. of years assessed 5 <br />Interest Rate' 10.25% <br />Assessment Roll Approval Date 5/14/2007 <br />Est T otallnterest over the life $ 1,231.80 <br />Schedule of Payments: <br /> Interest Principal Total Balance <br />Year 1** $ 553.66 $ 661.60 $ 1,215.26 $ 2,646.41 <br />Year 2 271.26 $ 661.60 932.86 1,984.81 <br />Year 3 203.44 $ 661.60 865.04 1,323.20 <br />Year 4 135.63 $ 661.60 797.23 661.60 <br />Year 5 67.81 $ 661.60 729.42 <br /> $ 1,231.80 $ 3,308.01 $ 4,539.81 <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 />