Laserfiche WebLink
MINUTIJS <br />CITY COUNCIL <br />MARCH 30, 2009 <br />The Administrator reviewed the mechanics for HIA fee payments <br />indicating that once adopted, property owners will have 30 days within <br />which to pay their fee in full or in part (minimum 25% payment) to the <br />City with no interest (payments must be made by April 29, 2009). Given <br />the veto period will run through May 14, 2009, any fees that are paid will <br />be refunded to property owners if an adequate veto petition is received by <br />the City. If the HIA fee schedule is not vetoed, fee balances of record <br />after the Apri129, 2009 payment period will be certified to Ramsey <br />County for collection with property taxes over a 15 year period. Once <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 Canabury Condo 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 it does not appear that Canabury Condominiums <br />are close to meeting the income limitations to qualify for low interest <br />money. The Administrator suggested that property owners who have not <br />submitted forms should do so as soon as possible. The deadline for <br />submissions has passed; however, the County may accept late submittals. <br />One property owner asked if she would be allowed to pay have her fee <br />now and make monthly payments on the other half. The City <br />Administrator indicated that half the fee could be paid within the next 30 <br />4 <br />