Laserfiche WebLink
MINUTIJS <br />CITY COUNCIL <br />MARCH 18, 2009 <br />support this debt. He noted that the recommended interest rate indicated <br />in the notice was 6.0%; however, the final interest rate will not be <br />determined until bonds are sold, and it could be higher. <br />Regarding fees not being prepayable, the Administrator indicated that he <br />has discussed this issue with other cities. He has been informed that <br />mortgage companies will allow these fee balances to be assumed by <br />buyers when there are no options to pay off the balances. The City will <br />prepare disclosure statements for property owners' use to inform <br />prospective buyers. <br />The Administrator also reviewed assessment deferral options for property <br />owners who wish to defer fee payments. He noted that interest will <br />continue to accrue on the deferred fees. <br />1"he Administrator then reviewed a list of frequently asked questions and <br />answers based on the recent calls that he has been receiving. This was <br />provided in hand-out form for those present. <br />The Administrator noted that the County has some low interest money <br />available to assist with the Canabury Square HIA project. Property <br />owners who meet Federal low income guidelines should complete a <br />survey form and submit it to the County. 1f a certain percentage of <br />property owners meet these income guidelines, the project will qualify for <br />this low income money. This will substantially reduce interest costs for <br />the portion of fees that are certified for collection along with property <br />taxes. <br />A property owner asked about the length of time the fees would be spread <br />on property taxes. The Administrator reported that the Homeowners <br />Association is requesting a 15 year spread. Statute allows up to 20 years. <br />Another property owner asked that the full 45-day veto period run, <br />indicating that there may be some property owners who will reconsider <br />their position that may have signed the petition to veto. The Administrator <br />indicated that he was not sure that could happen, pointing out that once an <br />adequate veto petition is received, the veto requirements may be met at <br />that point. He urged anyone who wants to rescind their signature from the <br />veto petition to get a statement, in writing, indicating same to the City as <br />soon as possible. <br />A property owner asked about condemnation of a property. The City <br />Administrator indicated that this process is governed by hazardous <br />building statutes and there would have to be life-safety issues present. <br />The Administrator stated that condemnation is a difficult process. <br />2 <br />