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TO: <br />Mayor <br />and City <br />CougyQll <br />FROM: <br />Mark <br />Bernhardsor`\��9 A <br />P� V <br />DATE: <br />June <br />3, 1985 <br />SUBJECT: City Participation - Past Project Assessments <br />The following information provides a summary as background for <br />Councilmembers, should the issue of past projects be raised by <br />persons at the Council meeting June 10, 1985, regarding the <br />City's past prac'.ce of participation in special assessment <br />payments. <br />Research has provided .,s with the following information regarding <br />each of the individual projects: <br />1. Water Project 70-1 ($1.4 Million) This .as <br />orfgtnaily known as the Navarre water project a.0hough <br />Casco Circle, ShorehiI is and Fagerness Point were <br />added to this project. Originally this entire project <br />was to be 100% assessed however, the project provided <br />for 133 future assessment units for commercial <br />development. (This was in part anticipated as the IDS <br />development was under consideration at that point) <br />With the anticipated development not taking place th <br />Council did establish a levy starting in 1975 for the <br />funding of this project. This levy was done fo, the <br />years collectable 1975 to 1984 for a tota. of <br />approximately $227,900. Subsequent levies have peen <br />cancelled a it is anticipated that this may well be <br />r=paid out the remaining balance to the PIR fund <br />.nen the bonds are fully paid. <br />2. Sewer Assessment 73-1 ($1,467,000) This <br />assessment was initially assessed 100% with no general <br />tax levy intended however, subsequent appeals and <br />settlement resulted in o reduction in the assessment. <br />These reductions however w not funded out of the <br />general tax rev es 's, p. ayments and available <br />interest income a ab,. to defray the cost of the <br />reduction. The :d for any tax levy was cancelled <br />when this debt issue of September 1, 1974, was <br />refunded along with the two debt issues of August 1, <br />1970. (It is presently anticipated that a minimum of <br />$250,090 balance in 1991 when all PIR Bonds for 70-1 <br />and 73-1 are paid.) <br />3. Sewer Proect 80-1($931,000) This project was <br />assessed at 3011 o7 [Ae total however, a resulting re- <br />assessment reduced the unit assessment by ✓crying <br />amounts depending on the location of the effected <br />properties made possible by 'he fact that the project <br />