09-10-08 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL SEPTEMBER 10, 2008 The Administrator then reviewed assessment defen•al options available for seniors and the disabled, noting that interest accrues on defen•ed assessments. Deferred assessments also return to active status on the sale of a unit, death of an owner, or the loss of homestead status. The Administrator indicated that it is his understanding that the various components of the repairs to the Canabury Square condominium building include new siding, windows, patio doors, balcony rehabs, elevator updates. Courtyard walks and the addition of a pavilion are optional components of the project at this time. The Administrator reported that there are still issues to be resolved. These include the details of improvements to be bid/constructed, bidding of the project before the fee hearing, fee determination, term of debt, assessment disposition in the event a unit sells, disclosure statements for sellers, etc. These issues will be addressed as the project moves through the process. Keis asked if there would be any problems if the City adopts the ordinance and the homeowners then decide not to move forward with the repairs. The City Administrator replied that there would not. He again noted that condo owners have 45 days in which to obtain a petition signed by 35% of the property owners vetoing the creation of the HIA. The Administrator noted that the homeowners' association wants to determine if the 35% opposition exists before spending time and money on plans and specs for the project. Blesener asked if senior citizen deferrals would be available for the HIA fees, and whether the City could support the debt if deferrals are approved. The City Administrator indicated that the City has adequate reserves to support deferrals. He pointed out that should deferrals be granted, interest would accrue on the deferred fees. Keis noted that deferrals could be out there for an extended period of time. The Administrator agreed and cited the circumstances when a deferred fee would become due, i.e. sale of the property, property owner passing away, the property being in a non- homestead status. The City also reminds property owners of deferred assessments every five year. The Administrator again noted that the interest on an HIA fee would not be tax deductible. However, property owners could obtain home equity loans to pay the HIA fee, and the interest on the home equity loan would be tax deductible if that person itemizes deductions. The Administrator indicated that each owner will have to consider their personal circumstances to determine what is most advantageous to them and consult appropriate tax advisors. Don Valento, Canabury Square resident, briefly reported on the history of the Canabury Square project which was approved 36 years ago. He