Laserfiche WebLink
Revised Project Assessment Shoreline/Heritage Sanitary Sewer <br /> October 9, 1998 <br /> Page 2 <br /> Revised Assessment Interest Rate <br /> An interest rate of 8%per year was included in the original assessment roll. We are recommending <br /> a revised interest rate of 6.25%. This is the same interest rate that was presented at the Orono <br /> Orchazds project public hearing. The proposed plan is to sell bonds in 1999 to cover the costs for <br /> the 1999 construction, Orono Orchards project and this project. The assessment interest rate for the <br /> 1997 projects, based on a 4.97% bond interest rate was 6.25% based on current trends, we are <br /> anticipating a stable bond market and similar interest rates for next year. <br /> Requests for Project Exclusion <br /> Three property owners have requested exclusion from the project. The assessment hearing notice <br /> indicated that property owners needed to request exclusion from the project at that time. Two written <br /> requests were received before the assessment hearing and were listed in the assessment hearing staff <br /> memo. One additional resident requested exclusion at the assessment hearing. Subsequent <br /> inyestigation of the septic system proved the existence of a conforming septic for this properry. No <br /> additional requests for exclusion have been received. <br /> The three property owners requesting exclusion are listed below: <br /> Daniel and Barbara Hof&nan 1135 Heritage Lane <br /> Jorgen and Lucille Viltoft 1155 Heritage Lane <br /> C E and K Rusch 1920 Shoreline Drive <br /> A connection fee will be charged for these properties when a sewer connection is requested. <br /> The estimated annual CiTy costs for debt service for a$15,500 assessment at a 5%bond interest rate <br /> for five properties will be $7,300. This includes the two vacant lots and the three properties <br /> excluded from the project. <br /> Notices to the property owners describing the prepayment options available will be sent to the <br /> properties after adoption of the revised assessment roll. The assessment roll needs to be submitted <br /> to the County by December 1 st. <br /> COUNCIL ACTION REQUESTED: <br /> Approval of the attached resolution adopting the revised assessment roll for the Shoreline/Heritage <br /> Sanitary Sewer Project. <br />