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VOTO, REARDON, TAUTGES & CO., LTD. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263 <br />January 24, 1984 <br />Mr. Joseph Chlebeck, <br />City Clerk <br />City of Little Canada <br />515 Little Canada Road <br />St. Paul, Minnesota 55117 <br />Dear Joe: <br />JAN 24 1984 <br />CITY OF <br />LITTLE CANADA <br />ROBIRT 1. VOTO, CPA <br />TIMOTHY t. REARDON, CPA <br />ROBERT C. TAUTCCS, CI'A <br />RE: OBJECTION TO PROPOSED ASSESSMENT - <br />50 East County Road B <br />Pursuant to your request, I have reviewed the assessment objections per the <br />letter from James D. Echtenkamp dated January 18, 1984. His (or Dr. Taylor's) <br />objections and /or proposed adjustments are as follows: <br />1. LATERAL FEE - Dr. Taylor objects to paying cash for this connection <br />rather than being allowed to pay this fee over the remaining term of <br />the bond issue as the City would do for property located within the <br />City and is asking for a downward adjustment for his cash payment. <br />2. TAX LEVY FEE - Dr. Taylor objects to the following: <br />a) Estimated assessed value of facility. <br />b) Present value computations used in my letter dated 11/21/83. <br />The following comments relate to the objections raised by Dr. Taylor and /or his <br />attorney, Mr. Echtenkamp. <br />LATERAL FEES <br />The lateral fees are based upon the special assessments levied against property <br />located within the City of Little Canada, as explained in my letter dated <br />November 21, 1983. Property located within the City are allowed to pay these <br />assessments in cash or they are charged interest if the assessments are paid <br />over the term of the bond issue. The assessment interest rate is contingent <br />upon the bond issue financing the lateral improvements and the year in which the <br />assessment was levied against the benefiting property. The initial assessment <br />rolls adopted by the City in the late 1960's carried interest at 6 %. However, <br />assessment rolls adopted by the City in 1983 carry interest at 10 %. Dr. Taylor <br />is asking for a discount based upon the difference between a current "market" of <br />12% and the City's bond interest back in 1966, 1967 and 1978. <br />MI Mill 01 AMI RICAN INSIIIUTI 01 Cl RIlI11D PUIRI IC ACCOUNT ANTS • PRIA All t OMPANil•■ PRACTICI. SIC I ION <br />MINNESOTA SOCIrTY OF CCILTIEILD PUBLIC AC-COL NTANIS <br />MUNICIPAL I (NANO. Ol t ICIRS ASSO(I Al ION • MINNLSO1 A ASSOCIAI ION 01 SC.IIOOI BIISINFSS OH IC IALS <br />