04-11-1988 - Agenda Packet City Council - regular meeting

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entered into on Augu.it 23, 1982 and the tota 1 amount of the Letter of Credit (Attachment I)) was for $245,000 which was just above the $244,669 •.otal estimate of $10,208.00 per lot for street, serer and water. Subsequently an assessment which was certified as 82-1 and as 82-2 for $437,988.45; $15,268.40 which the City �jaiu and of which Schlee was assessed for $239,217.84 for an actual per lot figure of $9,929.93 over 15 yEars at 9.70% interest. These were certified on August 23, 1983 prior to the October 183 assessment deadline and were included on the taxes for payable 1984. The actual assessment was $5,782.16 under the letter of credit. It should be noted that there were 8 parcels that were assessed at the rate of $1,007.99 per half year of assessments and that the remaining 16 properties at the lower rate of 992.99. (This differential is probably due to a lift station improvement that previously had been done that had been assessed against the property for only 16 units and the balance of 8 needed to pay the addit!,�nal charge.) PAYMENTS OF ASSESSMENTS In accordance with the agreement requiring payment of the balance for any parcels sold, there were between the original assessment date and 1985 eight pre -payments, each of which had a corresponding reduction in the Letter of Credit. The Orono finance staff person who handled the process when paid the actual assessmert of $9,229.90 submitted a letter reducing the Letter of Credit by the estimated $10,208.00. In addition during 1984 and 1985 the following assessments were paid as part of the taxes. There were in total 24 parcels tnat were assessed.