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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Keis and Members of the City Council <br />FROM: Kathy Glanzer, City Clerk <br />DATE: April 10, 2015 <br />RE: <br />MAYOR <br />John Keis <br />COUNCIL <br />Rick Montour <br />Michael McGraw <br />Tom Fischer <br />Christian Torkelson <br />ADMINISTRATOR <br />Joel R. Hanson <br />Recertification of Deferred HIA Fee — Canabury Square <br />120 Demont Ave., #203 - $31,335.14 — Loss of Homestead Class <br />122 Demont Ave., #174 - $33,745.81 - Foreclosed <br />132 Demont Ave., #236 - $30,004.44 — Loss of Homestead Class <br />138 Demont Ave., #138 - $28,270.32 - Foreclosed <br />The above four properties at Canabury Square Condominiums have deferred assessments relative <br />to the Housing Improvemement Area (HIA) fee that was assessed back in 2009. The deferrals <br />were granted by the City based on hardships that existed for the property owners at the time of <br />the original assessment. Each of the above properties has lost their eligibility for a deferral as <br />they have either been foreclosed on or have now become rental properties. <br />The current property owner of each unit has been advised that the Council will consider the <br />reassessment of the deferred assessment at this evening's meeting. The assessment balance <br />(original amount plus interest) is proposed to be reassessed for the balance of the assessment <br />term through 2024 (9 years). The interest rate proposed is the original interest rate at the time of <br />the HIA assessment— 5.75%. <br />Staff recommends reassessment of the above assessment balances based on the fact that the basis <br />for these deferrals is no longer valid. <br />5 <br />