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MINUTES <br />City Coimcil <br />October 7, 1981 <br />Mr. Fahey commented that the City should not continue to subsidize <br />the interest on properties. The City should not be giving low cost <br />loans to property owners by doing so. <br />Mr. Hazard commented that the Council said it would not cost the <br />property owners any more at the time of the imprnvement hearing. <br />Mayor Hanson commented that perhaps the cost of one of the Zoch's stubs <br />shou1d be e1iminated as there is not enough property to warrant the <br />stub. Mr. ~ahey commented that Mr. Zoch's case is no different from <br />Mr, Petersen's where adjacent property could be purchased. <br />Mrs. Zoch again commented that they were told there would be no charge <br />and the Council was now charging interest. Nrs. Scalze stated that <br />the interest cost is being deferred. <br />Mrs. Nardini introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 81-10-566 - CONTINUING THE DEfERRED FlSSESSMENT <br />ON THE MARCEL ZOCFI PROPERTY IN TFIE FlMOUNT OF $600.00 UNTIL SUCN <br />TIME FlS THE PROPERTY IS TRANSFERRED OR DIVIDED <br />The foregoing resolution was duly seconded by Mr. Forsberg. <br />qyes (5) Nardini, Forsberg, Fahey, Hanson, Scalze. <br />Nayes (Cl). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 7, Page 371. <br />Mr. Fahey informed the audience that when the bond issue ends no more <br />interest will be accrued. <br />Mr. Flanson stated that this bond issue runs until 1987. If at the end <br />of 19II7 the assessment is not paid, the City will pay the bond issue <br />and interest would be as a lien against the property. <br />Someone from the audience asked if at some point it could not be petitioned <br />that the Council drop the assessment and interest. Mr. Fahey stated that <br />that could be done, but it would have to be shown that there is no potential <br />for future development. <br />Mr. fahey introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 81-10-567 - LEVYING THE ACCRUED INTEREST <br />ON THE MFlRCEL ZOCFI DEFERRED ASSESSMENT BEGINNING <br />OCTOBER 16, 1981 <br />The foregoing resolution was duly seconded by Mrs. Nardini. <br />qyes (4) Fahey, Nardini, Scalze, Forsberg. <br />Nayes (1) Hanson. <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 7, Page 371 <br />Page -13- <br />