Laserfiche WebLink
STAFF REPORT <br />TO:Mayor Keis and Members of City Council <br />FROM:Heidi Heller, City Clerk <br />DATE:December 18, 2019 <br />RE:Recertification of Deferred HIA Fee – Canabury Square <br />120 Demont Ave. E., Unit 106 <br />ACTION TO BE CONSIDERED: <br />Motion to approve Resolution 2019-12-143, Re-assessing the deferred Canabury Square <br />Condominium Association Housing Improvement Area fee balance of $33,021.14 to 120 <br />Demont Avenue East, Unit 106 on the property taxes beginning in payable 2020 through 2024. <br />BACKGROUND: <br />The above property at Canabury Square Condominiums has a deferred assessment relative to the <br />Housing Improvement Area (HIA) fee that was assessed in 2009. Deferrals were granted by the <br />City based on hardships that existed for the property owners at the time of the original <br />assessment. Staff was notified earlier this year that this unit was in foreclosure and would be <br />sold at auction. The deferred HIA assessments become due when a unit is sold. This unit was <br />sold in June 2019 and the City was informed that the buyer agreed to assume the assessment <br />(usually in a foreclosure situation the bank will pay off assessments). <br />Staff has recently been in contact with the buyer, who has stated that they are planning to pay the <br />HIA assessment in full very soon. To date this has not yet been paid, so staff is moving forward <br />with reassessing this deferred HIA assessment to the property taxes. <br />The assessment balance of $33,021.14 (original amount plus interest) is proposed to be <br />reassessed for the balance of the assessment term through 2024 (5 years). The interest rate <br />proposed is the original interest rate at the time of the HIA assessment – 5.75%. <br />RECOMMENDATION: <br />Staff recommends reassessment of the above assessment balance based on the request of the <br />property owner, Erik Folger.