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MINUTES <br />CITY COUNCII, <br />OCTOBL+'12 24, 2006 <br />AVENUE and gutter, and drainage enhancements. <br />The City Engineer reviewed Che project costs noting that the feasibility <br />study estimated total project costs at $219,000.00 and estimated assessable <br />costs at $74,624.55. Estimated actual costs for the total project are <br />$170,000.00 and estimated actual assessable costs are $74,624.66. <br />The Engineer reviewed the City's residential assessment policy noting Chat <br />street reconsUuction costs are assessed based on an 8"/3" urban section, <br />30-foot wide street. Assessments are based on front footage at a <br />maximum street assessment rate of $54.64 per front foot. Storm sewer <br />rehabilitation costs are not assessed. <br />Assessment payment methods were reviewed, noting Chat property owners <br />can pay their assessment in full or in part at the City within 30 days of <br />adoption wiCh no interest being added. After Che 30 day lime period, <br />remaining assessment balances are certified to Ramsey County for <br />collection with property taxes. Assessment balances will be spread for <br />collection over a ten year period aC an interest rate of 6.5%. IC was noted <br />that should a property owner wish to pay off an assessment balance early, <br />thaC payment should be made prior to November 15`x' in the given yea~•. <br />On November 15'x', the County adds the next year's interesC balance to the <br />assessment payout. <br />The Engineer noted that property owners on a fixed income, either senior <br />citizens or permanenCly disabled, can apply for assessment deferrals. If <br />assessments are deferred, interest will continue to accrue on the deferred <br />amount. The Engineer noted that assessments and/or interest on the <br />assessment are not tax deductible. However, a property owner could <br />possibly take out a home equity loan Yo pay the assessment, with interest <br />then being tax deductible. However, individual property owners should <br />verify this with their tax advisor. <br />The Engineer then reviewed the proposed assessment roll, as well as a <br />sample amorCization schedule should an assessmenC be certified to Ramsey <br />County for collection. <br />The City Engineer noted that the property aC 324 Sextant Avenue appears <br />to be splitable. He explained that if the property owner so desired, they <br />could apply for a development deferral for the subdividable portion of the <br />lot. Under a development deferral, interest would continue to accrue on <br />the deterred po~~tion of the assessment. Tf the property is never subdivided, <br />then the assessment would never become due and payable. <br />7 <br />