HomeMy WebLinkAbout1991-05-28 CC Packet Special Meeting
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THE BIRTHPLACE OF MINNESOTA 'J
May 24, 1991
M E M 0
TO:
FROM:
SUBJECT:
MAYOR AND COUNCIL
MARY LOU JOHNSON, CITY CLERK
SPECIAL COUNCIL MEETING TUESDAY, MAY 28, 1991, 4:00 P.M.
This memo is a reminder to Council that a Special Workshop Meeting is
scheduled for Tuesday afternoon, May 28, 1991, 4:00 P.M., in the Council
Chambers of City Hall, 216 No. Fourth St., Stillwater, Minnesota to discuss
the following:
1. Discussion of Oak Glen financing.
2. Discussion of Volume Based Fees and other Solid Waste matters.
3. Possible adjournment to Executive Session to discuss appeals on L.I. 257,
Downtown Plan Improvement.
4. Any other business Council may wish to discuss.
CITY HALL: 216 NORTH FOURTH STILLWATER, MINNESOTA 55082 PHONE: 612-439.6121
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M E M 0
TO:
FROM:
DATE:
SUBJECT:
MAYOR AND COUNCIL
NILE L. KRIESEL, CITY COORDINATOR
MAY 24, 1991
OAK GLEN SPECIAL LEGISLATION
Accompanying this memo is the special legislation which I understood was
passed by the Legislature last week. Basically, the bill allows the City to
issue bonds to finance the payment of any delinquent taxes and assessments on
the Oak Glen real estate (unsold lots).
The bill also allows the City to reassess the lots to recover the costs
associated with the bond issue. The summary of the bill contains further
explanation of the bill and Mr. Hay will provide you with information
regarding the process to be followed from this point on. Mr. Hay should also
have the necessary documents (resolution, agreements, etc.) for your review
Tuesday as well.
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Fleming/Hay
15 May 1991
STILLWATER: PROMISSORY NOTES: REASSESSMENT: AGREEMENT
REVISOR tHA91-668
SUMMARY
This special law relates to the City of Stillwater in
Washington County. In 1984 the City issued its general obligation
improvement bonds to finance the installation of local improvements
in the 486 lot Oak Glen Development and levied special assessments
on those lots for the payment of the bonds. 168 of these lots
remain unsold, but 53 of them are the subject of purchase
agreements between the developer and potential purchasers. The
developer cannot complete the sale of the lots because the City's
special assessments and some ad valorem taxes are delinquent. The
special law authorizes the City, upon concluding an agreement with
the developer with respect to 168 unsold lots, to borrow money and
pay the delinquent taxes, penalties and interest, which will be
distributed among the local school district, Washington County, and
the City, and to undertake a reassessment covering both the
outstanding special assessments and the taxes, etc., paid by the
City. The old assessments would be cancelled and the new
assessments of about $18,000 per lot would be a first lien on the
lots. This will facilitate the sale of the 53 lots under contract
and all of the remaining lots by the developer, whereupon all
assessments will be paid to the City for deposit in its improvement
bond fund.