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MEETING <br />C. C T 3 1�35 <br />i:I'S'V OF ORONO <br />TO: Mayor and City Council <br />FROM: Mark Bernhardson, City Administratox�� <br />DATE: October 24, 1985 <br />SUBJECT: Special Assessment/Freshwater Biological Inst-.itute <br />As you may recall when we discussed the revision of the so-er <br />connection policy in the Navarre area it was discovered tha '- tie <br />City had been looking forward to a special assessment of. the <br />F.W.B.I. property, in the amount of $47,080. Freshwater <br />Biological Foundation is agreeable to pay this amount and has <br />been expecting to pay it. After discussion with them, they <br />desire to pay it over a five year period of time, and we have <br />indicated the applicable inter-est rate will be 9.20%, the same <br />interest rate that was charged in the Crystal Bay area. Based on <br />an agreement with F.W.B.I., in order to simplify things for them <br />and improve our cash flow, we will not officially file this <br />assessment with the County url.ess they fail to meet the October <br />10th deadline as set forth. <br />Should you have any further questions or comments, please feel <br />free to contact me. <br />PROPOSED MOTION - It was moved by seconded by k- , that the <br />City Council adopt Reso_ution tyA.L ordering the special <br />assessment of properties of. the Freshwater Biological Institute <br />Foundation over a five year period at 9.20% interest, with a <br />total principal payment of $47,080. Ayes 41, Nays <br />