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<br /> MINUTES <br /> <br /> CITY COUNCIL <br /> OCTOER 21, 2009 <br /> The Engineer then reviewed assessment payment methods available to <br /> property owners. Assessments can be paid in full or part at the City within <br /> the first 30 days with no interest. iJnpaid balances will be certified to <br /> Ramsey County for collection with property taxes over a 10 year period at <br /> an interest rate of 5.25%. Once aii assessment is certified to the County, <br /> property owners have the option of paying off their assessment balance <br /> any time during the 10 year collection period. The Engineer pointed out <br /> however, that balances paid after November 15`x' in any given year will be <br /> charged the next year's interest. Therefore, he suggested that property <br /> owners be aware of that date, and should they plan to pay their <br /> assessment, they should do so prior to November 15°i to save the next <br /> year's interest. <br /> The Engineer reviewed other related issues noting that senior citizens or <br /> disabled individuals on a fixed income can make application for an <br /> assessment deferral. He noted, however, that interest does accrue on <br /> deferred assessments. With regard to the interest on assessments, the City <br /> Engineer suggested that property owners consult with their tax advisors on <br /> whether or not this interest is tax deductible. He indicated that there is <br /> conflicting information on this issue. <br /> The Engineer then reviewed the proposed Assessment Roll. <br /> Barbara Harkey appeared before the Council and commended the project <br /> construction process as well as the final product. <br /> There was no one else present wishing to comment on the assessment for <br /> the Eli Road-Desoto Street Road improvement. <br /> Upon motion by Montour, seconded by Keis, the public hearing was <br /> closed. <br /> The Mayor asked if there was anyone present wishing to submit a written <br /> objection to the assessment. 'There was not. <br /> Mr. Montour introduced the following resolution and moved its adoption: <br /> RESOL UTION NO. 2009-IO-248 -ADOPTING THE ASSESSMENT <br /> ROLL FOR IMPROVEMENT NO. 2009-01 & 04, ELI ROAD AND <br /> DESOTO STREET AS RECOMMENDED BY THE CITY ENGINEER <br /> The foregoing resolution was duly seconded by McGraw. <br /> Ayes (4). <br /> Nays (0). Resolution declared adopted. <br /> 12 <br /> <br />