08-22-01 Council Special Minutes

Home Browse Search

MINUTES CITY COUNCIT, AUGUST 22, 2001 The City Engineer reviewed the City's commercial assessment policy that provides for an 80/20 cost split with 80% of project costs being assessed and the City paying for 20%. The City does not assess for- storm sewer costs, however, 100% of curb and gutter costs are assessed. The Engineer again pointed out that the City's assessment policy caps assessments at $85.00 per front foot for commercial property and $47.25 per front foot for residential property. The Engineer repotted that a there is a total 6,163.79 feet of assessable frontage. Properties that are currently being used as residential have the option of deferring that portion of their assessment between the residential rate and the commercial rate. The assessment would be deferred until such time as the property were converted to a commercial use. Interest would accrue on the deferred portion. The deferred amount would never be paid if the use of the property never converted to commercial. The Engineer reviewed the options available to property owners for paying their assessments. These include paying the assessment to the City within the first 30 days after adoption with no interest accrual. The option to make a partial payment is also available. For assessments not paid within the first 30 days, the City would certify those balances to the County to be spread with property taxes for collection over the next ten years at 6.75% interest. The Engineer noted that property owners can pay their assessments in full to the County at any time. However, he cautioned that should property owners do this, they make payment rorior to November 15`x' of the given year. Payments make after November ] 5•' will incur interest for the upcoming year. Mike Westmoreland, 10 Little Canada Road, asked if the assessment would be collected with the two property tax payments due in May and October of each year. The City Administrator replied that that is correct Westmoreland asked about making interest payments on the deferred portion of the assessment. The City Administrator indicated that that would be possible, however, pointed out it may not male sense since their property is unlikely to develop commercially given shoreland regulations. Therefore, the deferred assessment would likely ^ever become due. Catherine Clemons, ] 0 West Little Canada Road, asked if their property was being assessed at the commercial rate. The City Administrator reported that that was correct. He pointed out, however, that the Council will act on the Clemons/Westmoreland application for residential deferral which will put the amount levied at the residential rate deferring the commercial portion. The residential rate in the City is $47.25 per front foot For any residential property in the City. 2