Loading...
975 Cliff Rd - Assessment & Deferment AgreementRate $2,770 (the "Assessment "). 975 ASSESSMENT AND DEFERMENT AGREEMENT sr This Assessment and Deferment Agreement ( "Agreement ") is made this a / day of July 2011, by and between Millicent M. Johnson, a single individual, (hereinafter "Landowner ") and the CITY OF EAGAN, a Minnesota municipal corporation (hereinafter "City "). Landowner and City are hereinafter collectively referred to as the "Parties." WHEREAS, Landowner is the fee owner of property located in the City of Eagan, County of Dakota, State of Minnesota and legally described as: East 330 feet of the Southeast one - quarter (SE ') of the Southwest one - quarter (SW 'A) of Section 26, Township 27 North, Range 23 West, in the City of Eagan. (the "Property "). WHEREAS, as part of City Public Improvement Project 1033 (hereinafter the "Project "), the City assessed the Property for trunk water main improvements at the rate of $2,770.00 per net assessable acre. The Property's full assessment is $26,702.80 for 9.64 net assessable acres. Net Area Total (Acre) Assessment 9.64 $26,702.80 WHEREAS, the Landowner has agreed to that portion of the Assessment for the City's current single - family trunk water availability fee of $1,325.00 (hereinafter the "Immediate Assessment "), desires to make an immediate prepayment of $377.80 towards the remaining portion, and has requested that the City defer that portion of the Assessment above the Immediate Assessment and prepayment amount, consisting of $25,000.00 (hereinafter the "Deferred Assessment "), until the Property is further sold, subdivided, platted, or otherwise developed, or July 5, 2036, whichever occurs first, and WHEREAS, the City is willing to levy the Immediate Assessment, accept the prepayment, and defer collection of the Deferred Assessment upon the terms and conditions contained herein. WHEREAS, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. ASSESSMENT. The Assessment for trunk water main for Project 1033 is 26,702.80. The Assessment shall be divided between the Immediate Assessment and the Deferred Assessment. 2. IMMEDIATE ASSESSMENT. The Immediate Assessment is $1,325.00 and is payable over ten (10) years in equal annual installments, together with interest at the rate of five percent (5 %) per annum. 3. DEFERRED ASSESSMENT. The Deferred Assessment in the amount of $25,000.00 (reflecting a prepayment of $377.80) shall be paid pursuant to Minn. Stat. § 429.061, Subd. 2. The Parties agree that the payment of the first installment of the Deferred Assessment, including interest thereon, shall be deferred until the Property is sold, subdivided, platted or otherwise developed, whichever occurs first, at which time the first installment of the Deferred Assessment shall become due and payable. The Deferred Assessment shall bear interest at the rate of five percent (5 %) per annum as set forth in the assessment roll for the Project. When the first installment of the Deferred Assessment becomes due and payable, interest accrued on the Deferred Assessment from July 5, 2011 to December 31 of the year the first installment of Deferred Assessment becomes due and payable shall be added to the original deferred assessment ($25,000.00) and the totals of those amounts shall become the "Principal 2 Assessment Amounts Payable ". The Principal Assessment Amounts Payable shall be divided into five (5) equal annual installments, or such lesser number of equal annual installments as is necessary for the last installment thereof to be payable not more than thirty (30) years after the levy of the Assessments. The first installment of the Principal Assessment Amounts Payable, plus one year interest thereon until December 31 of the year in which the first installment is to be paid, shall be included in the first tax rolls completed after it becomes due and payable, and shall be paid in the same year as the taxes contained therein, and to each subsequent installment shall be added interest for one year on the remaining unpaid installments which shall be paid in a like manner. The Parties agree that, notwithstanding anything in this Agreement to the contrary, the Deferred Assessment and interest thereon must be paid in full no later than July 5, 2041. In the event that the Deferred Assessment has not been paid prior to July 5, 2036, the Principal Assessment Amounts Payable shall be payable in five (5) annual installments commencing January 1, 2037, together with interest thereon at the rate of five percent (5 %) per annum and payable over the next five (5) years. 4. PREPAYMENT. The Landowner may, at any time, pre -pay in full or in part any remaining portion of the Deferred Assessment. 5. WAIVER. The Landowner hereby accepts the Assessment and hereby waives the right to object or appeal the Assessment pursuant to Minn. Stat. § 429.081 and further waives notice of hearing on this Agreement. 6. BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the Parties' heirs, successors and assigns, and shall run with the land. CITY O1 EAGAN: By: Mike Ma Its: Mayor By: Christina M. Scipioni Its: City Clerk 3 Larc STATE OF MINNESOTA ) ) SS. COUNTY OF DAKOTA The foregoing instrument was acknowledged before me this /' day of July 2011, by Millicent M. Johnson, a single individual. JEANETTE ANN JOHNSON NOTARY PUBLIC - MINNESOTA My Commission Expires Jan. 31, 2015 ` STATE OF MINNESOTA COUNTY OF DAKOTA APPROVED AS TO FORM: Public Works Department Dated: ) SS. The foregoing instrument Mike Maguire and Christina M. Minnesota municipal corporation, THIS INSTRUMENT WAS DRAFTED BY: Severson, Sheldon, Dougherty & Molenda, P.A. 7300 West 147 Street, Suite 600 Apple Valley, Minnesota 55124 (952) 432 -3136 (Project 1033) (KJP: 206 - 29976) 4 was acknowledged before me this / day of Ally 2011, by Scipioni, the Mayor and City Clerk of the City of Eagan, a on behalf of the municipal corporation. r.. rr�. li .!i�lrrrt�flrf�rrf..i ✓f_.r._, MARY L. O'BRIEN NOTARY PUBLIC • MINNESOTA My Commission Expires Jan. 31, 2015 $