09-26-2012 Council Agenda - Laserfiche WebLink

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On Wed, Aug 15, 2012 at 4:28 PM, Joel. Hanson <joel.hanson@ci..li.ttle- canada.n,.us> wrote: I have an 8:00 meeting. Should be back around 10:30. Original Message From: Dana Morrone ( ma.11to:danajmorrone @gmail.com) Sent: Wednesday, August 15, 2012 9:22 PM To: Joel Hanson Subject: Re: Assessments on condos at Canabury Square Ili Joel, Thank you very much. I wouldn't mind giving you a quick call tomorrow to discuss this. Is there a time and phone number that is good for. you? Thanks Sincerely, Dana On Wed, Aug 15, 2012 at 2:55 PM, Joel Hanson <joel.han. son @ci.litt.te- canada.mn.us> wrote: Dana: I can speak on behalf of the City. The assessments .levied were financed by "taxable" bonds given their purpose was private in natures. Given the taxable status, the .interest rate is higher than a public purpose bond. The City set a policy, modeled off of other communities that undertook similar endeavors, that we would not allow any prepayments of the assessments in the 1.5 year. period. That is because the bonds are still active and we can't earn the interest rate we are paying on the bonds. That would mean all city taxpayers would subsidize the bonds and that wasn't an acceptable option. The assessment can be assumed by a future buyer. The County does handle the payments as a levied assessment. l: did check the records and it shows the assessment for Unit 8314 (Pat Zappa) was paid on August 11, 2009. Therefore, there should not be an HIA assessment on this property. If there is, please forward me a copy of your tax statement so 1 can see what it shows. There could be an active assessment for improvements to Demont a few years ago, but if memory serves me correctly, that was only about $50 total. If you would like to discuss it further, please give me a call. Joel Hanson City Administrator City of Little Canada (651) 766 -4040 <tel:`,`,28651%29a20766 -4040> <te1: %206519 3 4