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Assessment Payment <br />6 <br />Option 1 –Prior to November 15, 2022 <br />•A property owner may at any time prior to certification of the assessment to the county auditor on <br />November 15, 2022, pay the entire assessment on such property to the City of Arden Hills, with interest <br />accrued to the date of payment. <br />•No interest shall be charged if the entire assessment is paid within 30 days from the adoption of this <br />assessment (30 days from tonight, June 8, 2022). <br />Option 2 – After November 15, 2022 <br />•The assessment is proposed to be payable in equal annual installments extending over a period of 10 years,the first of the installments to be payable with property taxes in 2023. <br />•Balance will bear interest at a rate set by the City Council. The City’s assessment policy states that theinterest rate used for assessment shall be designated at the prime rate plus two (2) percentage points. Ourcurrent assumed bond interest rate is 2.90% and the prime rate is 3.50%. Staff would recommend followingthe City’s assessment policy and setting the assessment rate at 5.50%. <br />•After November 15, 2022, a property owner may pay the total outstanding balance of the assessmentagainst their property with accrued interest at any time during the life of the project assessment period toRamsey County.