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L T~ 09m `T L, h~ T , L ELL, ~ T ~ 2049 WHEREAS upon due notice properly made as required by law, tlae Elk River City Council has met and heard and passed upon all objections to the proposed assessment for the Norfolk, Morton, Lowell, ling Avenues Street improvement and lags determined the amount to be assessed against each indi~ridual propert~~ as the Council deems just; New, THEREFQRE, BE ~T RESaLVED by the City Council of the City of Elk River, Minnesota: 1. The ffnal assessment roll, a copy o£ which is attached hereto and incorporated herein by this reference, is hereby accepted and adopted and shall constitute the special assessment against the lands therein named. Each such tract of land in the assessment roll is hereby found to be benefited by the improvement in an amount not less than the amount of the assessment levied against it~ 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 5% over a period of 7 -~ ~0 years. 3. The owner of an~T property so assessed may at any time prior to certification to the County Auditor of the assessment or the fast installment thereof, pay to the City Treasurer tlae whole of the assessment on such prapert~T, with interest accrued to the date of payment; except that no interest shall be charged if the entire assessment is paid within 30 da~rs after the adoption of this Resolution, Prepayment may also be made after the certification of the assessment or first installment thereof by paying to the CitSr Treasurer~Count~r Auditor the entire amount of the assessment remaining unpaid with interest. fn the case of a payment made before Navember ~5, interest will be calculated through December 31 of the year in which payment is made, ~f payment is made after November ~ 5, interest will be calculated through December 31 of tlae next succeeding year. 4. The City Administrator shall, transmit to the County Auditor a certif ed duplicate of the attached assessment roll to be extended on the property tax lists of tlae County. Such assessment shall be collected and paid over in the same manner as other municipal taxes, Passed and adopted this 2Df~ day of July, 2009. ATTEST: fir- .-..~ Tina Allard City Clerk ~; „~ ~;: r .~. ~ ~ ~ r '~. ~~ S teph nie A. l~linzing, Ma~a~: S:~Engineerlmpro~TI'raj~'?QQ9 Impra~~ement i'rojects~Norfalk Area SCreet Im~ro~~ementslResalutians~Adapt Assess Roll,doc