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February 21, 1978 Page 4 <br />assessments would pay 52 percent of the project cost, with the balance <br />to be financed by an annual increase in the general property tax levy <br />of not more than 3.76 mills. <br />Mr. Swanson reported that the property assessed for storm sewers in <br />Project 1973 -4 were assessed at an average rate of 3.97 cents per <br />square foot, which is the same rate that will be used in Project 1978 -1. <br />Non - residential properties would be assessed double the residential <br />rate, or 7.97 cents per square foot. The assessments would be spread <br />over 20 years at 8 percent interest, with the first installments due in <br />1981. <br />Mr. Swanson presented assessments on three hypothetical residential <br />lots, to show what the residents could expect to be assessed. An <br />11,000 square foot lot would be assessed approximately $437.02, with <br />the first payment in 1981 to be $65.55, and the last payment in 2001 <br />to be $23.60, with the average annual payment to be $44.58. <br />A 13,000 square foot lot would be assessed $516.48, with the first <br />payment in 1981 to be $77.47, the last payment in 2001 to be $27.89, <br />and the average annual payment to be $52.74. <br />A 20,000 square foot lot would be assessed $794.59, with the first pay- <br />ment to be $119.19, the last payment to be $42.91, and the average <br />annual payment to be $81.05. <br />Mr. Swanson reported that approximately 34 percent of the single family <br />homes in Mounds View have a limited market value of $20,000 or less, <br />36 percent with a $30,000 limited market value or less, and 27 percent <br />with a $30,000 to $40,000 limited market value, and only 3 percent above <br />the $40,000 level. The annual tax impact on a levy of 3.76 mills would <br />be $21.62 on the $20,000 home, $36.66 on the $30,000 home, $51.70 on <br />the $40,000 home, and $66.74 on the $50,000 home. A business property <br />with a market value of $50,000 would be taxed $80.84, a $100,000 business <br />would be taxed $161.64, and a $150,000 business would be assessed <br />$242.52. <br />Mayor Pickar stated that a decision on the project would be announced <br />by the Council at the March 27, 1978 meeting at City Hall. Mayor Pickar <br />then opened the floor for citizen questions on the project. <br />Mark Berube, 2118 Oakwood Drive stated that he had lived in Mounds View <br />for 24 years and had never had water problems and that he felt the pro- <br />blems being experienced now were due to building houses on swampy areas, <br />and asked where that water was to go. <br />Mayor Pickar replied that the intent of the project was to give that <br />water somewhere to go. Mr. Short added that the lower the grade of the <br />land, the more the City would be subject to flooding and stated that <br />according to the contour map, only one -third of the City should actually <br />have been built upon if they did not want to face the issue of drainage <br />problems. <br />Mr. Berube asked why 100 percent of the people were being asked to pay <br />for the project when only 10 percent of the people had water problems. <br />