HomeMy WebLinkAboutResolution - 2015-111 - Approve Agreement & Adopt Assessment - OSWX Property - 11/17/2015 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2015-111
APPROVING AGREEMENT AND ADOPTING ASSESSMENT
WHEREAS, Minnesota Statues §§ 216C.435 and 216C.436 ("the Act") authorizes the
City of Eden Prairie 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 Eden Prairie entered into a joint powers agreement with the Port
Authority of the City of Saint Paul on November 19, 2013, to administer the Act on behalf of the
City; and
WHEREAS, the City of Eden Prairie agreed to impose special assessments pursuant to
Minnesota Statutes, Chapter 429 to pay for the improvements; and
WHEREAS, the City of Eden Prairie has received a Special Assessment Petition from
OSWX Property, LLC ("Property Owner"), an Arizona Limited Liability Company, signed by
Michael M. Moore, Manager of OSWX Property, LLC through separate LLC, 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 Eden Prairie 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 EDEN PRAIRIE, MINNESOTA:
1. The Special Assessment Agreement with Property Owner is accepted.
2. The proposed assessment in the principal amount of $2,000,000.00, 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 twelve (12) years with interest at the rate of 5.5% per annum.
Interest shall begin to accrue on January 1, 2016. Each annual installment shall be in the
amount annually required to pay the principal over the period of twelve (12) years with
interest at the rate of 5.5% per annum. The first installment shall be payable with taxes
payable in 2016.
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 Clerk 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.
ADOPTED by the City Council of the City of Eden Prairie this 17th day of November,
2015.
N ncy T -Lu ns, ay
SEAL
ATTEST:
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K,,Aleen Porta, City Clerk