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VALID;*,Y OF ASSESSMENT - If the property goes tax forfeit 5 years <br />after the original devault the City would need to reassess the <br />specials. <br />ATTEMPTS TO SETTLE - 1n tho Harsh -April rimeframe of 1987 the <br />City was contacted by Kathren Frame of Property Resources Company <br />and in a letter dated April 27, 1987 (Attachment I) requesting <br />that the City delete the speciil assessments for 1984 through <br />1986 in advance of the May 15th deadline. The City responded on <br />May 13th (Attachment J) outlining the City's options. The <br />discussions between the two parties continued through the end of <br />June and at that point the City Finan.:e Director, Tom Kuehn, <br />indicated that the City would be happy to settle this matter, if <br />the bank wanted to pay off the balance or work on other <br />arrangements. (The bank having indicated that the City had the <br />opportunity to collect on the entire letter of credit even if it <br />did pass the window of opportunity.) It came as a surprise t::at <br />the City received a letter September 3, 1987 (Attachment K) from <br />Richard An, -,,:son, of Briggs and Morgan demanding the collection <br />and was handling the matter in a legal form. <br />GOALS - ORONO - The primary goal of the City of Orono are a <br />follows: <br />a. That the principal, interest, d appropriate <br />penalties due to the City by Schlee's -an'cr ptcy <br />b. Bring the iss-je to close. <br />ALTERNATIVES <br />1. Bank Pa., ►'ntire outstanding A!+ount - Thi:3 would <br />entail the <br />paying <br />the principal <br />interest and <br />penaItiel- o. <br />i inquent <br />'84 any' the first <br />half of '85 <br />th:jt wear!: c: <br />stindln9 <br />anc the City <br />in exchange <br />canceling the <br />assessment <br />and adjustment <br />for zhe pre- <br />