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balance will be imposed as an annual fee as described in paragraph 5, below. Our records indicate that you prepaid the $ 34950.53 fee imposed on your property under the 7anuary 26, 2009 resolution. Within 45 days after approval of the revised fee resolution (i.e., by July 23, 2009), you must file a written notice with the City Clerk that selects one of the following two options: Option A. You want to ratify the decision to prepay the fee, in which event the City will retain your prior prepayment and treat such amount as a prepayment under the revised resolution. If you select this option, the City will refund to you interest on the amount of your prepayment at the rate of 4.5% accrued from the date of prepayment through 7une 8, 2009. That refund will be paid promptly after the effective date of the fee resolution (soon after July 23, 2009). Option B. You want to withdraw your prior prepayment, in which event the City will return to you the amount of your prepayment together with interest on such amount at the rate of 4. 5% accrued from the date of prepayment through 7une 8, 2009. That refund will be paid promptly after the effective date of the resolution (i.e., soon after July 23, 2009). If , by July 23, 2009, you do not file a notice selecting either Option A or Option B, the City will treat your prior prepayment as being ratified, and the City will retain your prepayment amount. In that event, the City will not refund any interest to you. 5. Number of years the fee will be in effect: If owners do not prepay the total fee, the annual fee will be imposed in equal installments over a 15-year period, with interest atthe annual rate of 7.75%. The annual fee is payable at the same time as property taxes, with the first installment due in 2010. 6. Compliance with Petition Requirement: Owners of more than 25 percent of the housing units that would be subj ect to the proposed fee in the Housing Improvement Area have filed a petition with the City Clerk requesting a public hearing on the proposed fee, in accordance with Minnesota Statutes, Section 428A.12. If the owners of 3 5% or more of the housing units subj ect to the housing improvement fee file written obj ections with the City Manager within 45 days after the adoption of the resolution imposing the fee, the resolution will be null and void, and any amount prepaid during that period will be refunded. If you would like a detailed explanation as to how the housing improvement fee for your property was calculated you can contact me by email at: chris.miller(cr�,ci.roseville.mn.us, or by phone at: 651-792-7031. Sincerely, ��. �: �t Chris Miller