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MINUTES <br />CITY COUNCIL <br />OCTOBER 23, 1990 <br />frontage on Country Drive. Zinner pointed out that his <br />property is being assessed on a commercial basis. <br />Blesener pointed out that the adjacent properties are <br />being assessed on a commercial basis as well, however, <br />the differential between the residential rate and <br />commercial rate is being proposed to be deferred until <br />the property is sold or developed. <br />Bill Quirin asked if there were any Federal monies that <br />could be used to help pay for the project. <br />The City Engineer replied that the City does not have <br />any Federally-aided projects in Little Canada. <br />Quirin pointed out that Country Drive is a service road <br />to a Federal highway. <br />The City Engineer replied that Country Drive is a City <br />street. <br />Mark Malsam asked if Country Drive was now a 12 ton <br />road. <br />The City Engineer replied that Country Drive is a <br />commercial roadway capable of carrying heavy truck <br />traffic. It was pointed out that the road is being <br />constructed to State-Aid standards. <br />Bob Rudy asked when the interest begins accruing on the <br />assessment. <br />The City Administrator replied that if the assessment <br />is paid within 30 days, there is no interest. <br />Otherwise the interest begins accruing as of tonight. <br />It was also pointed out that the City does not have an <br />ordinance in place which would allow for partial <br />payment of assessments. <br />Rudy was concerned that the interest continues to <br />accrue on the deferment. <br />The City Administrator agreed, but pointed out that the <br />property owners is not obligated to accept the <br />deferment. <br />Quirin guestions the 8 1/4% interest the City is <br />proposing to charge. <br />The City Administrator reported that that figures is <br />about 1 1/4% over the interest rate the City is <br />charged. This amount is carrying charge the City needs <br />Page 14 <br />