Resolution Number 38-16 PACE
RESOLUTION NUMBER 38-16
APPROVING AGREEMENT AND ADOPTING ASSESSMENT
WHEREAS, Minnesota Statues 2l6C.435 and 2l6C.436 (“the Act”) authorizes the City of Mountain Iron to finance energy improvements using special assessments on residential, commercial and industrial properties where owners have petitioned for special assessments to repay the financing; and
WHEREAS, the City of Mountain Iron entered into a joint powers agreement with the Port Authority of the City of Saint Paul on September 21, 2015, to administer the Act on behalf of the City; and
WHEREAS, the City of Mountain Iron agreed to impose special assessments pursuant to Minnesota Statutes, Chapter 429 to pay for the improvements; and
WHEREAS, the City of Mountain Iron has received a Special Assessment Petition from the Mesabi Family YMCA, a 501(c)(3) nonprofit corporation (the “Property Owner”), signed by Becky Zubich, the CEO, waiving its rights to a special assessment hearing and petitioning for a special assessment to repay the cost of the improvements; and
WHEREAS, the City of Mountain Iron has received a Special Assessment Waiver, waiving Property Owner’s rights to appeal the assessment.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOUNTAIN IRON, MINNESOTA:
1. The Special Assessment Agreement with Property Owner is accepted.
2. The proposed assessment in the principal amount of $24,370.55, a copy of which is attached hereto and made a part hereof, is hereby adopted and shall constitute the special assessment against the property named therein, and each tract of property therein included is hereby found to be benefited by the proposed improvements in the amount of the assessment levied against it.
3. Such assessment shall be payable in equal annual installments including principal and interest, over a period of ten (10) years with interest at the rate of 4.5% per annum. Interest shall begin to accrue on January 1, 2017. Each annual installment shall be in the amount annually required to pay the principal over the period of ten (10) years with interest at the rate of 4.5% per annum. The first installment shall be payable with taxes payable in 2017.
4. The Property Owner may prepay the whole of the assessment on the Property at any time to the City pursuant to Minn. Stat. § 429.061, subd. 3. Any prepayment made under this paragraph must include all installments due to and including December 31 of the year of prepayment, together with the original principal amount reduced only by the amounts of principal included in such installments, computed on an annual amortization basis. Prepayments must be made before November 15 of any year or all installments due to and including December 31 of the next succeeding year will be charged.
5. The City Administrator shall forthwith transmit a certified duplicate of this assessment to the County to be extended on the property tax lists of the County and such assessments shall be collected and paid over in the same manner as other municipal taxes.
DULY ADOPTED BY THE CITY COUNCIL THIS 19th DAY OF SEPTEMBER, 2016.
Mayor Gary Skalko