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P4INUTES <br />City Council <br />October 7, 1981 <br />P4rs. Nardini asked if deferred assessments on a property would make the <br />sa7e of the property difficult. The Flttorney replied that the seller <br />would just add the deferred assessments into the purchase price of the <br />house. The assessments are paid at the time a property is sold. <br />Mr. Fahey commented that the property owners with deferred assessments <br />cannot be treated any differently than senior citizens. As senior citizens <br />are paying interest on their deferred assessments, others should also. <br />Fahsy also stated that he felt the interest should be levied prospectively <br />rather than retroactively. <br />The City Clerk commented that if the interest is 1evied he will notify <br />the Register of Deeds of this. This interest wi71 not appear on tax <br />statements and no payment is required until a property is sold. <br />Mrs. Hazard, a resident on Arcade Street, commented that they petitioned <br />against the water on Arcade Street. At the improvement hearing, the <br />Council informed them that their assessments would be deferred until <br />such time as the property was sold. Now the Council is discussing levying <br />interest on these assessments. <br />Mr. Fahey commented that at the time of the deferrals, there was no <br />discussion of interest. Fahey stated that the Council will probably <br />honor the deferrals, but interest is a different issue. <br />Mr. Fahey introduced the fotlowing resolution and moved its adoption: <br />RESOLUTION N0. 81-10-543 - LEVYING INTEREST ON THE <br />PETERSEN DEFERRED ASSESSMEN7 AT THE. INTEREST RATE OF <br />6% FOR SANITARY SEWER AND 8% FOR WFlTERMAIN BEGINNING <br />OCTOBER 16, 1981 <br />The foregoing resolution was duly seconded by Mrs. Nardini. <br />qyes (5) Fahey, Nardini, Scalze, Forsberg, Hanson. <br />Nayes (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 7, Page 359. <br />Parkview It was the recommendation of the City C1erk that the assessment ~n the <br />Realty & amount of $2,A04.20 for the vacated portion of Lake Street be levied. <br />Waite Rea1ty <br />Assessment Parkview Realty commented that they did not know that when Lake Street <br />was vacated that they gained 30 feet of additional property. The City <br />Clerk commented that the City vacated the 60 feet of Lake Street <br />located to the east of Ruth Street. When that happened 30 feet went <br />to Parkview Realty and the other 30 feet to Waite Realty. <br />Mrs. Sca7ze introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 81-10-544 - LEVYING TEIE ASSESSMENT FOR <br />THE VACATED PORTION OF LAKE STREET OWNED 6Y PARKVIEW <br />REALTY IN THE AMOUNT OF $2,404.20 <br />Page -3- <br />