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MINUTES <br />CITY COUNCIL <br />JUNE 16, 1992 <br />Blesener stated that this was correct with the addition <br />of a curb and qutter assessment to property owners. <br />Mrs. Herford asked for further explanation on the <br />methods of financing that would be used. <br />The Mayor pointed out that the improvement costs would <br />not be great enough to warrant issuance of a bond. <br />The City Administrator replied that this was correct, <br />however, suggested that the cost could be combined with <br />the cost of other projects in the future, and a bond <br />issue sold at a later date. The City would, most <br />likely, finance the project internally on a temporary <br />basis. The Administrator again reported that <br />assessments of this nature are typically spread out <br />over a ten year period, and an interest rate of 7% was <br />estimated. The Administrator reported that financing <br />details would be discussed at the assessment hearing, <br />and property owners to be assessed would be notified of <br />that hearing. <br />Scalze pointed out that that there are income-based <br />assessment deferrals available to senior citizens and <br />handicapped citizens. <br />Hanson indicated that the Council is sensitive to the <br />issue of assessments, and pointed out that the Council <br />is aware that School District 623 will be coming <br />forward with a bond issue this fall, and is concerned <br />about the effect of that issue on residents as well. <br />Hanson stated that the Council tries to look at all the <br />issues before proceeding in such matters. <br />Aerford asked about the cost of the storm sewer portion <br />of the project. <br />Blesener indicated when the City did a large storm <br />sewer project in 1987, the Council set a policy that <br />the entire City is located in one storm sewer district, <br />and that storm sewer projects would be paid for by the <br />entire City. Blesener pointed out that it is difficult <br />to assess storm sewer projects because it is difficult <br />to determine who is contributing to the problem. <br />Scalze pointed out that the fact that the City pays for <br />storm sewer projects through general taxation is one of <br />the reasons that taxes are so high. Scalze noted that <br />other cities assess such projects. <br />The City Administrator pointed out that in the case of <br />new development, the City requires the developer to pay <br />for storm sewers. <br />Page 13 <br />