HomeMy WebLinkAboutResolution - 2012-62 - Activate Deferred Special Assessment - 04/17/2012 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2012-62
A RESOLUTION TO ACTIVATE A DEFERRED SPECIAL ASSESSMENT
UNDER MN STAT. § 273.111
WHEREAS, Green Acres is a tax deferral program for certain qualifying agricultural
properties pursuant to Minn. Stat. § 273.111; and
WHEREAS, on October 15, 2002, the City of Eden Prairie adopted Resolution No.
2002-172 levying multiple special assessments, including for project I.C. 99-5491 —Cedar Forest
(the "Special Assessment"); and
WHEREAS, the Special Assessment for Parcel P.I.D. 420-116-22-34-0023 (the
"Property"), was $1,46 1.00, payable in equal installments beginning in 2003, over 20 years at
8.5% interest; and
WHEREAS, due to its status as a qualifying agricultural property under Minn. Stat. §
273.111, the Property's Special Assessment was deferred for as long as the Property remained a
qualifying agricultural property under Minn. Stat. § 273.111; and
WHEREAS, as of September 27, 2011, the Property lost its status as a qualifying
agricultural property under Minn. Stat. § 273.111; and
WHEREAS, under Minn. Stat. § 273.111, "when such property no longer qualifies under
subdivision 3 or 3a., all deferred special assessments plus interest shall be payable in equal
installments spread over the time remaining until the last maturity date of the bonds issued to
finance the improvement for which the assessments were levied"; and
WHEREAS, Hennepin County requires a formal resolution from the City Council
regarding any changes to a levied special assessment.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City
of Eden Prairie:
That the Special Assessment levied upon the Property by Resolution No. 2002-172, plus
accumulated interest, is activated and is due and payable in equal annual installments, beginning
in 2012, over 11 years at 8.5% interest,
ADOPTED by the City Council of the City of Eden Prairie this 17th day of April, 2012.
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ATTEST:
Katocen Porta, City Clerk