1982-02-25 - Laserfiche WebLink

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'lit. \" I I I BRIGGS AND HonCAX' Members of City Council New Brighton Administrative Offices Page 3 February 25, 1982 RE: Project No. 82-8 5. Along the same lines, the developer of Innsbrook, North is asking Saint Mary's Hospital to finance the develop- ment of the Innsbrook, North lots. There will be no benefit to Saint Mary's Hospital short-term, and possibly no benefit whatsoever long-term. However, one-half of the assessments will be levied against Saint Mary's Hospital, which is obviously to the benefit solely of the developer. Thus Saint Mary's Hospital asserts that there is no proposed benefit to it' from the proposed improvement and special assessment and accordin~ly the City Council should not adopt the Resolution. Saint Mary's, however, would waive its objection to the improvement if the City will agree to provide flexi- bility to Saint Hary's covering the paym.ent of these assess- ments. Obviously this is not the assessment hearing, but Saint Mary's believes it necessary to state that the followin~ conditions are imposed on its waiver of objections to the lack of benefit from this improvement. 1. That the assessment be spread over 15 years at interest not exceeding 12 percent. 2. That the first installment of principal be deferred for ten (10) years, or until the property is' improved, platted or sold, whichever occurs first. We feel this is an option that is available and authorized by Minnesota Statutes Section 429.061, Subd. 2. This would give relief to Saint Mary's Hospital, at least until the time a decision is made about the platting of the property, the construction of any improvements, or in the event Saint Mary's should desire to sell this parcel. Saint Mary's would agree to donate the north 30 feet of its property for the street and, if principal deferrment is granted, would agree to pay annual interest on the assessment.