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MINUTES <br />CITY COUNCIL <br />February 14, 1990 <br />The City Engineer estimated that the project would be <br />assessed in August of 1990 with the first payment due <br />in May of 1991. The Engineer pointed out that most <br />improvement assessments are spread out over a ten-year <br />period of time, and estimated an interest rate in the <br />8% range. <br />Mrs. Frattalone asked about deferring the assessment <br />for the improvement reporting that she could not afford <br />the assessment, <br />Fahey reported that the City does have a policy of <br />deferring assessments in hardship situations, pointing <br />property owners applying for such deferrments must have <br />income levels equal to or below the Federal poverty <br />standards. Fahey also reported that deferments have <br />been granted in the past for properties with no access <br />which could not be developed. <br />Fahey again pointed out that if the assessment is <br />deferred, interest would be charged. Fahey suggested <br />that perhaps a deferment could be considered for the <br />time period it is anticipated it will take before <br />development could occur on the properties. Fahey asked <br />if such a de£errment was financially feasible. <br />The Administrator replied that the City could borrow <br />from other City funds to reimburse this bond fund, and <br />then pay back the fund at a later date. <br />Scalze suggested that rather than defer the entire <br />assessment, the City should assess the property at the <br />commercial rate and defer that portion of the <br />assessment over and above the residential rate. <br />The City Attorney replied that it is possible to assess <br />a property and then defer a portion of the assessment <br />for a certain time period. <br />Fahey suggested that the deferment period be for two or <br />three years with interest. <br />Mr. Lachenmeyer, Burke Lane resident, asked if the road <br />improvement would be wide enough so that there would be <br />a walking path alongside the roadway. <br />The City Engineer replied that the roadway would be <br />wide enough so that a walking path could be striped <br />along one side. The Engineer stated that it was his <br />opinion that the walking path should be behind the curb <br />Page 7 <br />