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SAMPLE <br />LETTER OF NOTIFICATION <br />October 10. 1995 <br />Sidney B. and Barbara Rcbers <br />c/0 Rcbers Construction, Inc. Re: PID 34-118-23-24-0058 <br />3525 Webster Avenue Sugarwoods Outlot ? <br />Minneapolis, MN 55416 <br />Dear Mr. & Mrs, Rebers; <br />This letter is to inform > ou of the special assessments which are to be levied on the above <br />referenced property in Orono. as stipulated in the PETIIION FOR LOCAL <br />IMPROVEMENT" agreement with the Cit>, dated August I. 1987. Copies of the <br />agreement and the special assessment rolls have been enclosed for you, along with a <br />notice which details the payment options and interest rates. <br />As vou will recall the Phase 1 special assessments for the water and sewer improvements <br />were levied in 1990. to be collected in five equal annual installments of principal, <br />capitalized interest, and interest on the unpaid installments at the annual rate ot 7.75“o. <br />from 1991 through 1995. <br />The Phase II special assessments for the water well. pump, pump house, water tower, and <br />sewer trunk capacity improvements are to be levied in 1995. to be collected in seven <br />equal installments of principal, capitalized interest, and interest on the unpaid install­ <br />ments at the annual rate of 7.75%, from 1996 through 2002. <br />,\s noted in the 1987 agreement conditions to Phase II. item 3. Total Costs of Project "In <br />consideration of the action of the City Council authorizing the construction of the <br />Improvements. Petitioners hereby agree lo be assessed their fair share of the cost of the <br />Improvements, including reasonable engineering, legal and administrative costs incurred <br />by the City, according to the number of units allocated to each Petitioner (as set out <br />ojjposite their signatures hereto). The City Engineer has estimated that the assessment for <br />each unit will total $1,810.00 for Phase 1 Improvements and $3,240.00 for Phase II <br />Improvements. The City may. at its election, determine to perform certain Phase II <br />Improvements as a part of Phase I and increase assessment for Phase I Improvements by <br />up to $1,000.00. provided that the Phase II Improvements are ratably reduced such that <br />the total assessment for Phase I and Phase II Improvements, regardless of when <br />constructed or assessed, does not exceed $5,050.00 (plus capitalized interest, if any).