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F <br />I <br />REQUEST FOR COUNCIL ACTION COUNC/J I/cptin S <br />iOcr 0'9«w <br />DATE: <br />ITEM NO.: <br />Department Approval: <br />Name Gregory A. Gappa <br />Title Director of Public Services <br />Administrator Reviewed: Agenda Section: <br />Public Services ’s Directors Report <br />Item Description: Revised Assessment for Fox Ridge Area Sewer Project <br />The assessment roll for this project has been revised to amend the interest rate and interest accrual <br />date applied to the original assessment, which was approved at the project assessment hearing. <br />The original assessment was approved at an 8% interest rate. The project bond sale has been <br />completed, and a bond interest rate of 5.07% was obtained which is comparable to previous bond <br />sales. Therefore, we are recommending revising the interest rate to 6.25% which is the same rate <br />as our previous sewer project assessments. <br />This resolution also restarts the clock for the 30-day prepayment period with no interest. The <br />assessment roil has also been revised to reflect the property owners that elected not to receive the <br />$5,000 grinder pump allowance. The project asse.'’‘:ments are for the same amount that was <br />approved in the original assessment roll <br />COUNCIL ACTION REQUESTED: <br />Motion to approve a resolution amending the interest rate, costs, and interest accrual date applied <br />to the Fox Ridge Area sanitary sewer assessment roll.