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MINUTES <br />CITY COUNCIL <br />AUGUST 10, 2011 <br />CONSENT <br />AGENDA <br />POLICY FOR <br />REASSESSING <br />DEFERRED <br />ASSESSMENTS <br />AT <br />CANABURY <br />SQUARE <br />Morris thanked the residents of Little Canada who participated in the <br />survey, and indicated that many were very informative in providing <br />background information and a framework for the issues. Blesener also <br />thanked the residents for their support. <br />Boss introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -8 -149 — APPROVING THE CONSENT <br />AGENDA WHICH CONTAINS THE FOLLOWING: <br />*APPROVAL OF THE VOUCHERS; <br />*APPROVAL OF PARTIAL PAYMENT TO T.A. SCHIFSKYFOR <br />2011 STREET PROJECT <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />The City Administrator reviewed his report dated August 4, 2011 <br />relative to the HIA Deferment Pay -Off Policy that the City adopted in <br />June of 2010. He noted that there is over $800,000 in deferred <br />assessments for Canabury Square project. The Administrator indicated <br />that State Law requires that deferrals become active upon the sale of a <br />property, death of the property owner, change in owner's financial <br />status, or loss of homestead status. The Administrator indicated that the <br />June 2010 policy holds with the State Statute relative to Canabury Square <br />HIA assessments that have been deferred. The Administrator reported that <br />people purchasing units at Canabury Square which have deferred <br />assessments are having problems with financing the cost of the unit as <br />well as the HIA assessment (which would become due in full at the time <br />of a sale). The City has had a request from a potential buyer to spread the <br />deferred assessment on the property tax roll for the remaining term of the <br />bond issue (13 years). The Administrator pointed out that deferred <br />assessments do accrue interest, and the rate for Canabury Square HIA <br />assessment is 5 3/4 %. <br />The Administrator reported that the City is under no obligation to spread <br />the deferred assessment as requested. Once the property is sold that <br />assessment would become due and payable to the City. This was made <br />clear to property owners throughout the HIA process. <br />6 <br />