New Ulm council adopts 10-year reassessment for unpaid Lakeside Village improvements

The New Ulm City Council on Tuesday closed a public hearing and adopted a reassessment of unpaid special assessments on remaining lots in the Lakeside Village Addition, approving repayment over 10 years at 5.5% simple interest.

City staff said the reassessment covers the unpaid balance for improvements on lots that entered forfeiture and were later sold to a private developer. "These are the remaining lots in Lakeside Village addition that went into forfeiture and then have then sold, to a private developer," said Mr. Stadheim, city staff, describing the scope; the improvements include grading, a stormwater quality pond and aggregate base for Lots 2 through 10 in Block 6 adjacent to the CP rail line on Lake Avenue.

The council opened the public hearing for comments but no members of the public came forward. A council member then offered a resolution closing the hearing and adopting the final assessment schedule. Director Jorgensen conducted a roll call; all voting members present recorded votes in favor and the motion carried.

The reassessment will be payable over 10 years and will carry a 5.5% simple interest charge on the unpaid balance, as stated in the adopted resolution. The council had previously held related hearings on the Lakeside Village assessments and the current action finalizes the reassessment schedule for the specified lots.

Council members did not debate alternative repayment terms in the meeting record; the council proceeded directly from the public-hearing closure to a roll-call vote.