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MINUTUS <br />CITY COUNCIL <br />MARCH 30, 2009 <br />certified to the County, early payoffs of fee balances will not be allowed. <br />The Administrator noted that the amount of interest that will be levied on <br />the certified fees will not be known until bonds are sold by the City to <br />support this debt. <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 />The 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 Fleur Royale HIA project. Property owners <br />who meet Federal low income guidelines should complete a survey form <br />and submit it to the County. If a certain percentage of property owners <br />meet these income guidelines, the project will qualify for this low income <br />money. This will substantially reduce interest costs for the portion of fees <br />that are certified for collection along with property taxes. The <br />Administrator reported that based on the surveys submitted to date, the <br />County has indicated that Fleur Royale is very close to meeting the <br />income limitations to qualify for low interest money. The Administrator <br />urged those present to submit their forms and encourage their neighbors to <br />do so as well. <br />A property owner asked about paying the fee within the first 30 days. A <br />member of the Fleur Royale Condo Association indicated that the <br />Association will refund a property owners share of the administration fee <br />to any property owners paying their fee up front. <br />The Administrator indicated that his recommendation to the City Council <br />is to adopt the fee resolution this evening, and then let the veto process <br />work. This puts the project back into the hands of the property owners <br />giving them the final decision on whether or not the project moves <br />forward. <br />A property owner asked if they would be notified of payment details as <br />well as their fee. The Administrator reported that if the fee resolution is <br />adopted, property owners will be mailed a copy of the resolution as well as <br />