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CITY OF GEM LAKE <br />\Ak AV Office of the City Clerk <br />1369 County Road "E" East <br />Gem Lake, MN 55110-5231 <br />Telephone: (651) 426 - 6443 Email: gemlakecity@aol.com <br />NOTICE OF PROPERTY ASSESSMENT <br />PUBLIC IMPROVEMENT PROJECT NO.2006-01 <br />FIELD(ownerl ) <br />FIELD(owner2) <br />FIELD(street) <br />FIELD(city), FIELD(st) FIELD(zip) <br />ASSESSED PROPERTY: <br />ASSESSMENT TYPE: <br />YOUR ASSESSMENT NUMBER: <br />YOUR ASSESSMENT AMOUNT: <br />Dear Property Owner, <br />PIN #FIELD(pin) <br />FIELD(propertyaddress) <br />FIELD(assesstype) <br />FIELD(assessnumber) <br />FIELD(assessvalue3) <br />nr�n <br />Facsimile: ( 651 ) 426 - 6444 <br />&1176 c4ian grnasvrrei <br />15 November 2006 <br />Following a duly noticed and convened public hearing, the Gem Lake City Council voted unanimously to assess all <br />benefitted property owners for the street improvements made at BiG Fox Road, Little Fox Lane, Haven Lane and Tessier <br />Road as part of Public Improvement Project 2006-0 1. The amount shown above has been certified to Ramsey County <br />Property Records and Revenue as the principal amount of the assessment. We have also notified Ramsey County that <br />the assessment may be financed over a ten (10) year period at a simple interest rate of five point nine (5.90%) percent. <br />Please note that first year interest will be calculated from November 21, 2006 to December 31, 2007 if the assessment <br />is not paid in full prior to December 21, 2006. <br />Upon receipt of this notice you will have several payment options. <br />1) Ifyou choose, you may pay the entire sewer assessment amount above to the City of Gem Lake with no interest <br />if received by the City Clerk on or before December 21, 2006. In this case, no assessment against your property <br />will be necessary and no interest will be charged. <br />2) You may also choose to pay any portion ofthe sewer assessment amount above and the balance will be fmanced <br />and assessed to your property taxes. <br />3) You may choose to pay nothing immediately and the entire sewer assessment amount above will be financed <br />and assessed to your property taxes. <br />4) You may, at any time during the ten (10) year finance period, make additional principal payments of any amount <br />against your obligation which will reduce the sewer assessment balance and the interest to be charged in the <br />subsequent year. <br />Please note that additional principal payments made must be received by Ramsey County Property Records and Revenue <br />on or before November 15th each year to effectively reduce interest for the subsequent year. <br />For BIG FOX ROAD and LITTLE FOX LANE residents, if you elect to finance the entire assessment, the table <br />below shows the approximate amount you will owe each year. <br />YEAR <br />May 15th <br />Payment <br />November 15th <br />Payment <br />Assessment <br />Balance <br />YEAR <br />May 15th <br />Payment <br />November 15th <br />Payment <br />Assessment <br />Balance <br />1 <br />$765 04 <br />$765.04 <br />$8,314.25 <br />6 <br />$598.16 <br />$598.16 <br />$3,695.22 <br />2 <br />$707.17 <br />$707.17 <br />$7,390.45 <br />7 <br />$570.91 <br />$570.91 <br />$2,771.42 <br />3 <br />$679.92 <br />$679.92 <br />$6,466.64 <br />8 <br />$543.66 <br />$543.66 <br />$1,847.61 <br />4 <br />$652.67 <br />$652.67 <br />$5,542.84 <br />9 <br />$516.41 <br />$516.41 <br />$923.81 <br />5 <br />$625.42 <br />$625.42 <br />$4,619.03 <br />10 <br />$489.16 <br />$489.15 <br />$0 <br />The total of payments in this example will be $12,297.03. <br />