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balance will be imposed as an annual fee as described in paragraph 5, below. <br />Our records indicate that you did not prepay the fee that was originally imposed under 7anuary <br />26, 2009 resolution. You will now have an additional 45 days after approval of the revised resolution to <br />prepay the fee, as described above. <br />5. Number of years the fee will be in effect: If owners do not prepay the total fee, the <br />annual fee will be imposed in equal installments over a 15-year period, with interest atthe annual rate of <br />7.75%. The annual fee is payable at the same time as property taxes, with the first installment due in <br />2010. <br />6. Compliance with Petition Requirement: Owners of more than 25 percent of the <br />housing units that would be subj ect to the proposed fee in the Housing Improvement Area have filed a <br />petition with the City Clerk requesting a public hearing on the proposed fee, in accordance with <br />Minnesota Statutes, Section 428A.12. If the owners of 3 5% or more of the housing units subj ect to the <br />housing improvement fee file written obj ections with the City Manager within 45 days after the adoption <br />of the resolution imposing the fee, the resolution will be null and void, and any amount prepaid during <br />that period will be refunded. <br />If you would like a detailed explanation as to how the housing improvement fee for your <br />property was calculated you can contact me by email at: chris.miller(c�ci.roseville.mn.us, or by <br />phone at: 651-792-7031. <br />Sincerely, <br />��. �: � <br />Chris Miller <br />Finance Director <br />