HomeMy WebLinkAboutResolution No. 451-11 . l
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RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that the City certify
and defer collection of the obligations contained on the attachment for up to five years at 6%
interest from August 26, 2011, subject to the payment terms contained in the Supplemental
Agreement to the Development Agreement for Hawk Ridge recorded on August 26, 2011, as
Document#A-1266716.
PASSED AND ADOPTED BY THE COMMON OUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS l AY F 011.
tZal"
PRE ENT OF SAID CO MON COUNCIL
ATTEST:
CITY C RK
APPROVED THIS WS ADAY OF LL YA bAA-, , 2011.
7'
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res 10 Wdopt.CertDeferObli 1
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DATE: 9/19/11
AGENDA SECTION: ORIGINATING DEPT: ITEM NO.
CONSENT AGENDA Public Works
EM DESCRIPTION: Resolution to Certify and Defer for Future Collection, PREPARED BY:
Development Charge Obligations for part of Hawk Ridge Mark E. Baker
J5040
As specified in the terms of the executed First Supplemental Amendment to Development Agreement for Hawk Ridge
(recorded as Document#A-1266716 on 8/26/11), the obligations outlined below are to be certified for collection and
deferred for up to five(5)years plus 6% interest from the date of recording Document#A-1266716. Payment of the
total initial obligation plus all accrued interest is due at the time of sale or transfer of each parcel. If any parcel or
parcels remain unsold or otherwise transferred by 8/26116, and the development charge obligations and interest are
unpaid, the deferred principal plus 5 years accrued interest will be made current for said parcel(s) in 2016 and certified
with the Olmsted County Auditor for collection with taxes in 2017 plus interest at a rate of 7.5% interest. By
Agreement, the Owner has waived its right to notice and to a hearing as may be provided by Minnesota State Statute.
The 84 parcels subject to Agreement#A-1266716 are as follows:
Lots 1 &2, Block 1, Hawk Ridge, Olmsted County, Minnesota;AND
Lots 1,2,3,4,6,7,8, 9, 12, 13, 14, 15, 24,25, 26, 27, 28,29, 30,31, 33,34,35, 36,39,40,41,42,44,45,46,47,
48,49, 50,51,52, 53, 54, 55, 56,57, 59, 60, 61, 62,67,68, 69,70, 92&93, Block 2, Hawk Ridge, Olmsted
County, Minnesota; AND
Lots 4, 5, 6,7, 10, 11, 12& 13, Block 3, Hawk Ridge, Olmsted County, Minnesota; AND
Lot s 2,3,4&5, Block 4, Hawk Ridge, Olmsted County, Minnesota; AND
Lots 1,2, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23,24&25, Block 5, Hawk Ridge, Olmsted County,
Minnesota.
The initial principal obligations are calculated as follows:
Per Lot Per Lot Per Lot Total Per Per Lot Credit for Total Initial Lump Sum to
Water Sewer Storm Water Lot Off-Site Public be Certified for Collection
Availability Availability Management Obligation Storm Sewer as "Hawk Ridge
Charge Charge Plan Area for WAC, Constructed at Development Charges" and
(WAC) (SAC) Charge SAC, Owner's Expense deferred with interest @ 6%
SWMPAC SWMPAC for up to 5 years
$405.47 $405.47 $106.70 $917.64 $660.72 $256.92
Total WAC Total SAC Total Total Total Storm Total Initial Post Credit
for 84 for 84 SWMPAC for Obligation Sewer Credit for Lump Sum Obligation
parcels parcels 84 parcels for 84 84 parcels Remaining for all 84
parcels parcels
$34,059.48 $34,059.48 $8,962.80 $77,081.76 $55,500.48 $21,581.28
COUNCIL ACTION REQUESTED:
Adopt a Resolution to certify and defer collection of the obligations contained herein, for up to 5 years @ 6%
interest from 8/26/11, subject to the payment terms contained within the Supplemental Amendment to
Development Agreement for Hawk Ridge recorded on 8/26/11 as Document#A-1266716.
OUNCIL ACTION: Motion by: Second by: to: