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. . . RESOLUTION 87-~ A RESOLUTION OF THE CITY OF ELK RIVER AMENDING RESOLUTION 87-57 and RESOLUTION 87-58 WHEREAS the Elk River City Council adopted Resolution 87-57 and Resolution 87-58 on October 5, 1987, which resolutions erroneously state that the assessments for the Deerfield Third Addition improvements are to be collected over a period of 15 years; and WHEREAS; the developers agreement between the City of Elk River and Elk River Development Corporation, the developer of Deerfield Third Addition, provides that the assessments for public improvements for Deerfield Third Addition shall be payable over a period of three years; and WHEREAS; the City Council intends that the assessments for the Deerfield Third Addition improvements be paid over a period of three years according to the terms of the developers agreement. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Elk River, Minnesota as follows: 1. The final assessment roll for the Deerfield Third Addition improvements as accepted and adopted in Resolution 87-58 shall be modified as set forth in the final assessment roll attached hereto and the same is incorporated herein by this reference. The attached final assessment roll shall constitute the special assessments against the lands therein named for the Deerfield Third Addition improvements. 2. Second 2 of Resolution 87-58 is amended to provide as follows: 2. Such assessment shall be payable in equal annual installments including both principal and interest amortized in such amount annually as is required to pay the principal with interest at 9.25 percent over a period of three years. 3. Section 3 of Resolution 87-57 shall be amended to provide as follows: