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11 ‘CGU^^CIL MEETING <br />To; <br />Prom: <br />Date: <br />Mayor Peterson and Orono City Council <br />Ron, Moorse, City Administrator <br />August 21, 1992 <br />7 <br />AUG 2 4 1992 <br />CITY OF ORONO <br />Subject: Income Limits for Special Assessment Deferral <br />Attachments <br />1. Memo from John Gerhardson <br />2. Resolution Amending Income Limits for a <br />Assement Deferral <br />Special <br />The current income limits used for a soecial assessment <br />deferral program are the HUD/CDBG Very Low Income Limits. For a <br />two person household, the income limit is $20,400 per year. <br />Staff is recommending these limits be raised to the Lower Income <br />Level which is $30,900 for a two person household. This is 80% <br />of the median income for the Minneapolis/St. Paul area. <br />In comparing the two income limits, a $9,000 assessment <br />would result in a first year payment of $1,200 which would be 6% <br />of the $20,400 income limit. The $1,200 payment would be 4% of <br />the $30,900 income limit. <br />Isv 1r <br />i <br />, r ( A. —r.'