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' V ^0.C'v'#*REQUEST FOR COUNCIL ACTION ■-0 ^ Js,'S> <br />DATE: Septembers, 199^^^© <br />ITEM NO = B <br />Department Approval: ^ <br />Name Tom Kuehn• <br />Title Finance Director <br />Administrator Reviewed:Agenda Section: <br />City Administrator's <br />Report <br />Item Description: Resolution to amend the interest rate and date applied to the North <br />Long Lake/Long Lake Country Club sanitary sewer assessment roll, as established by <br />Resolution No. 3895. <br />I <br />;'Vi <br />'3* <br />Attachments: Resolution to amend the interest rate and date applied to the North Long <br />Lake/Long Lake Country Club sanitary sewer project special assessments. <br />The interest rate on special assessments is generally set at 1.25% above the interest rate <br />on the bonds used to finance the improvement project. When Council adopted the initial <br />assessment resolution on the above project the interest rate was established at 8.00%. <br />Council indicated that the final assessment interest rate could be lower due to favorable <br />conditions. The bonds were sold at a true interest cost of 4.9793%. Therefore, the <br />interest rate applied to the special assessments can be reduced from 8.00% to 6.25%. The <br />interest on the assessments is to begin accruing effective October 1, 1997, with interest <br />added through December 31, 1998, for the first year of collection. <br />The assessment roll currently includes the property at 1490 Long Lake Road, ovmed by <br />Troy Anderson. Mr Anderson has appealed the assessment and the Council directed that <br />his property be excluded from the project. The City Attorney will advise the city as to <br />the proper method of officially excluding the property from the project. Once this is <br />accomplished, the property will be removed from the assessment roll. <br />Two properties, each with an adjacent undeveloped lot under common ownership, were <br />included in the project with the condition that the adjacent lot be combined with the lot <br />receiving sewer. These properties are located at 2085 County Road 6 and 879 Brown <br />Road North and are owned by John Maresh and George Johnson respectively. These two <br />properties will need to meet the condition prior to being allowed to connect to the sewer. <br />COUNCIL ACTION REQUESTED: <br />Motion to adopt Resolution #____, amending the interest rate applied to the North Long <br />Lake/Long Lake Country Club sanitary sewer assessment roll from 8.00% to 6.25%, and <br />amending the starting date of interest from May 6,1997 to October 1, 1997.