10-12-93 Council Special Minutes

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MINUTES CITY COUNCIL OCTOBER 12, 1993 development deferment until the lot is divided. If the assessment for the second lot were deferred, it would continue to accrue interest. There is also a senior citizen deferment available to property owners, and to be eligible for this deferment, senior citizens must meet certain income guidelines. Deferments are good for five-year period, however, the Administrator recommended to the Council that the deferment be a one-time application rather than include the renewal factor. The senior deferment would be in effect until the property was sold, lost its homestead status, or the property owner passed away. Typically, the deferred assessment is paid from the proceeds of the sale of the property. The Administrator reported that typically assessments are not tax deductible since they are considered to be an improvement to the property, however, the Administrator suggested that property owners check with their tax advisors. Assessments are payable in whole or in part with no interest within 30 days of the adoption of the assessment. If the property owner does not pay the assessment within 30 days, it will be spread out over 10 years at 6.25o interest on property taxes, and the first installment will show up on the 1994 property tax statements. If property owners choose to pay their assessment balance in the future, it can be paid prior to November 15 of any year with interest accruing through that year only. If paid after November 15th, interest will be charged for the entire succeeding year. This is pursuant to statutory requirements. The City Engineer reported that corrections have been made to the assessment roll for 2858 Vanderbie Road, 466 Allen Avenue, 467 Allen Avenue, and 547 Allen Avenue. The City Administrator explained these corrections. 547 Al1en Avenue was under-assessed for assessable street width, 467 Allen Avenue should not have been assessed for water main since it had been previously, 466 Allen Avenue was under-assessed due to the omission of water main and the $75.0o connection charge, and 2858 Vanderbie Road was over-assessed on this project since the assessment for the second lot should have been calculated with the property oriented toward LaBore Road. 551 Allen was also under-assessed due to the omission of a seconc~possible water service. The Administrator reported that the result of these corrections is that the street rate increases by 12 cents per lineal foot from the amount included in the initial notice. The rate for the water main assessment has decreased from that used for the assessment hearing notices, since there has been an additional service Page 7