03-22-94 Council Special Minutes

Home Browse Search

MINUTES CITY COUNCIL MARCH 22~ 1994 The City Administrator replied that an appraisal had not been done as of yet. The Administrator reported that the issue with the Lake Street improvement has always been benefits received. The Administrator suggested that perhaps an appraisal could be done on the project beforehand to determine the benefits received. That information could then be used to make adjustments to the City's street assessment policy. Morelan pointed out that the City did have appraisals for the projects it assessed last year, and the $47.42 per front foot is in the ballpark. Morelan felt the Administrator's suggestion was a qood one, and would help refine the assessment policy. LaValle pointed out that the City wants the assessment policy to be fair and equitable to the people being assessed as well as the other taxpayers in the City. Beltmann felt an appraisal should be obtained. Beltmann felt that if property owners were shown that their property values would increase by the amount of the assessment, there would be more support for the project. Beltmann asked the time frame over which assessments are spread. The Administrator replied that typically assessments of this size would be spread over a 10 year period. Pedersen pointed out that some of the property owners involved in last year's projects obtained home equity loans to pay off their assessments. In that way interest was tax deductible, but interest on assessment balances is not. The Administrator also pointed out that property owners have 30 days from the date of adoption of the assessment to pay it off at no interest. Otherwise interest accrues from the date the assessment is adopted. Beltmann asked if the price estimates take into consideration the combining of this project with one on Lakeshore/Old County Road C/Jackson. The City Engineer replied that there would be an economy of scale in combining the project with another. 16