HomeMy WebLinkAboutResolution - 2021-41 - Amending Resolution 2019-117 Related to Deferred Assessments - 06/15/2021CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2021-41
A RESOLUTION AMENDING 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, by Resolution No. 2019-117, the City Council of the City of Eden Prairie found and
determined that interest accrued over time on the deferred assessments that exceeds twice the
principal amount is excessive; and
WHEREAS, the language of Resolution No. 2019-117 does not correctly reflect the intent of the
Council to limit interest charged on existing and future deferred assessments to an amount equal
to the original principal amount assessed, such that the total amount of principal and interest to be
paid on the deferred assessments does not exceed twice the principal amount assessed.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Eden Prairie, that
Resolution No. 2019-117 is amended to read as follows:
1. Interest charged on existing and future deferred assessments shall not exceed an amount
equal to 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 charged shall not exceed an amount equal to the original principal
amount assessed.
ADOPTED by the City Council of the City of Eden Prairie, Minnesota this 15th day of June, 2021.
Ronald A. Case, Mayor
ATTEST: