HomeMy WebLinkAboutResolution - 2019-117 - Related to Interest on Deferred Assessments - 11/12/2019CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2019-117
WHEREAS, in accordance with Minnesota Statutes Section 429.061, the City of Eden Prairie has
levied special assessments against multiple tracts of land, which assessments were deferred with
interest; and
WHEREAS, interest on the deferred assessments is added to the principal amount until the
assessments become due and payable; and
WHEREAS, the City Council of the City of Eden Prairie finds and determines that interest accrued
over time on the deferred assessments that exceeds twice the principal amount is excessive; and
WHEREAS, the City Council finds and determines that it is in the best interest of the City and its
citizens that the interest charged on existing and future deferred assessments should not exceed
twice the original amount of the assessment principal.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Eden Prairie:
1. Interest charged on existing and future deferred assessments shall not exceed twice the
original principal amount assessed.
2. At such time as the existing deferred assessments are due and payable, the City Council
shall take action as allowed under State law to reduce interest as in accordance with this
resolution.
3. In the future resolutions approving deferred assessments with interest shall contain the
condition that the interest shall not exceed twice the original principal amount assessed.
ADOPTED by the City Council of the City of Eden Prairie, Minnesota this 12th day of November,
2019.
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Ronald A. Case, Mayor
ATTEST: SEAL
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