CCP 09-23-2008 - Laserfiche WebLink

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10 ' 2008 SPECIAL ASSESSMENT REPORT INTRODUCTION This report contains the final project cost figures and special assessment information for Project 07-1, 2007 Street Reconstruction to be assessed on September 23, 2008. The final project costs, project area map, the assessment rate computations, and the resolution for adoption of the assessments are contained in the following sections of this report. A copy of the hearing notice and informational letter mailed to the residents concerning the special assessing of ' this project are included in Appendix A of this report. The procedure for payment of special assessments is as follows: After the City Council orders the special assessments, residents will have 30 days to pay the assessment without interest. The City will accept payments at the office of the City ' Clerk during this period. If residents choose not to pay off the assessment, it is certified to the County Auditor for collection with real estate taxes. The first installment of the special assessment will appear on the 2009 tax statement bearing approximately 15 ' months' interest for the period September 24, 2008 through December 31, 2009. We are recommending that an interest rate of 5.65 percent per year on the unpaid balance of the assessment be charged. We are recommending that the assessments be spread over a 1.0 -year collection period, which would be similar to past projects. Permanent financing for this project will be provided for by City taxes and special assessments. The City has an ordinance for the deferment of special assessments for elderly residents. A copy of the Senior Citizen Assessment Deferral Procedure, Section 2-3 thru 2-7 of the New Brighton City Code is included in Appendix C of this report. To qualify for a deferment, residents must be more than 65 years old and the annual average amount of their assessment must exceed 1 percent of their adjusted annual gross income. Grant Wyffel�,,P.E. Director of Public Works