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the City to secure a lien against the property. If the owner completes the sale and wishes to pay the <br />assessment out of the sale proceeds, he still has that option. <br /> <br />Gas ‘N Splash’s owner requested a payment term of five years. This seems reasonable for the value <br />of the assessment. <br /> <br />Inquiries to a local bank indicated that seven percent interest would be near the high end of a range <br />of interest rates a small business would pay for a bank loan. There is no reason the City should <br />charge a lesser interest rate. If Gas ‘N Splash can secure a bank loan with a lower interest rate, they <br />may do so and pay off the principal of the assessment immediately. <br /> <br />Recommended Procedure: <br />1. Request staff reports. <br />2. Council discussion. <br />3. Open public hearing and take public comment <br />4. Close public hearing. <br />5. Move Resolution 5760 to levy the proposed special assessment <br /> <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br /> <br />Charles Hansen