09-22-1986 Council Packet - Laserfiche WebLink

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1-57 TO: Mayor and City Coancil 33, FROM: Mark Bernhardson, City Administrato �� COi'�t�3; ti�TiNG DATE: September 15, 1986 'j SUBJECT: Crystal Bay Assessments If the City is able to transmit a respread of the assessment: by the 1st of October 1986 to Hennepin County the CiLy will be able to respread the assessments back to May 1986. Thiz would make the assessment as if originally spread before May. The dollars "overpaid" in May would be credited to the 2nd half payment (persons with taxes escrowed through their mortgage will need to have the escrow account modified through their mortgage company). ORIGINAL ASSESSMENT Principal Interest Total May, 1986 - 1st 307.83 531.02 838.85 Oct, 1986 - 2nd 307.84 531.01 838.85 1677.70 REVISED ($5500) Principal Interest Total May, 1986 - 1st 183.33 316.25 499.58 Oct, 1986 2nd 183.33 316.25 499.58 999.16 ACTUAL PAYMENT SCHEDULE Principal Interest Total May, 1986 - 1st 307.83 531.02 838.85 Oct, 1986 - 2nd 58.83 101.48 160.31 999.16 As for interest relevant to early payment, it would amount to a maximum of $12 per applicant ($838.85 - 499.38 = 339.27. $339.27 x 6% = 20.35. $20.35 x 6/12 = 10.17). Given the minimal amount, it is not felt to be a significant issue. It should be r-membered that the appellants are requesting that the City in addition to reducing the assessments pay approximately $8,000.00 in court costs, some of which is statutory. The Attorneys are currently contesting those costs and they will be heard at a meeting on Friday, the 19th. As for appeal, the Court has yet to issue the order and the appellants and/or the City would have 30 days after that date to appeal the decision on either the costs or the reduced assessment amount. PROPOSED MOTION - Moved by _, seconded by _, to accept staf f's recommendation for respread of the City Court order once that is finalized as outlined above. Ayes ,, Nays