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MINUTES <br />CITY COUNCIL <br />DECEMBER 10, 2008 <br />The Administrator then detailed assessment deferral options for senior <br />citizens, the disabled, exceptional or unusual hardship. He noted the <br />income guidelines that would have to be met to warrant the deferral. The <br />Administrator indicated that the deferred fee would become active upon <br />the sale of the unit, death of the owner, or loss of homestead status. The <br />balance would then be spread on an installment basis for collection with <br />property taxes with consideration given to the cash flow needs of the bond <br />issue. The Administrator pointed out that interest would accrue on <br />deferred assessments and provided some examples of the interest impact. <br />The Administrator reported that it is his understanding that some of the <br />improvements being considered by the association are for elevator <br />upgrades, roof improvements, replacement of the ceiling in the swimming <br />pool area. He indicated that the HIA program is very flexible and virtually <br />any common area improvement is possible. <br />The Administrator then outlined the issues to be resolved and listed these <br />as: <br />HIA Creation Ordinance; <br />Details of improvements to be bid/constructed; <br />Bidding of project before fee hearing; <br />Fee determination; <br />Term of debt; <br />How to handle the assessment if a unit sells: <br />-Assumed by buyer; <br />-Escrow; <br />-Full payment of all principal and interest. <br />Disclosure statement for sellers; <br />Other. <br />The Administrator also noted a handout providing answers to Frequently <br />Asked Questions relative to HIAs, and indicated that should anyone <br />present have questions after tonight's meeting, they should contact him. <br />At this point in the meeting, Mike Gardner of the Canabury Condominium <br />Association, made a brief presentation. Gardner listed the improvements <br />that are being considered: <br />Elevator upgrades required by State Law - $159,949; <br />Replace 2 flat roof sections - $127,676; <br />Scrape and paint pool ceiling - $17,000; <br />Upgrade security system - $5,000; <br />Replace flooring in game room/meeting room/party room - <br />$40,000 to $45,000; <br />