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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 /> <br />Assessment Amount <br />No. of years assessed <br />Interest Rate* <br />Assessment Roll Approval Date <br />Est T otall nterest over the life <br /> <br />Schedule of Payments: <br /> <br />Year 1** <br />Year 2 <br />Year 3 <br />Year 4 <br />Year 5 <br /> <br />Interest <br />$ 1,808.43 <br />886.01 <br />664.51 <br />443.00 <br />221.50 <br />$ 4,023.45 <br /> <br />Principal <br />$ 2,160.99 <br />$ 2,160.99 <br />$ 2,160.99 <br />$ 2,160.99 <br />$ 2,160.99 <br />$ 10,804.97 <br /> <br />$ 10,804.97 <br />5 <br />10.25% <br />5/14/2007 <br />$ 4,023.45 <br /> <br />Total <br />$ 3,969.42 <br />3,047.00 <br />2,825.50 <br />2,604.00 <br />2,382.50 <br />$ 14,828.42 <br /> <br />Balance <br />$ 8,643.98 <br />6,482.98 <br />4,321.99 <br />2,160.99 <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 />