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Cetkq' <br />tt1eda <br />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: June 18, 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 />132 Demont Ave., #139 - $22,219.52 — Loss of Homestead Class -Rental <br />Property <br />The above propery at Canabury Square Condominiums has a deferred assessment relative to the <br />Housing Improvemement Area (HIA) fee that was assessed back in 2009. Deferrals were <br />granted by the City based on hardships that existed for the property owners at the time of the <br />original assessment. This property has lost itsr eligibility for a deferral as it has now become a <br />rental property. <br />The current property owner has been advised that the Council will consider the reassessment of <br />the deferred assessment at the June 22nd Council meeting. The assessment balance (original <br />amount plus interest) is proposed to be reassessed for the balance of the assessment term through <br />2024 (9 years). The interest rate proposed is the original interest rate at the time of the HIA <br />assessment -- 5.75%. <br />Staff recommends reassessment of the above assessment balances based on the fact that the basis <br />for the deferral is no longer valid. <br />