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ARDEN HILLS CITY COUNCIL—MAY 29, 2007 5 <br /> 3-unit cost and noted only one parcel could be subdivided from the main unit and therefore they <br /> • should be assessed for 2 units and not 3 units. He noted other cities charged less in interest and <br /> asked Council to look at this. He indicated the contractor had used Flaherty's property for <br /> staging their construction without specific permission to do this from the property owner. He <br /> stated this was a City improvement project and the City was the principle in getting the project <br /> done with the contractor being hired to do the work. Therefore he felt indemnification was not a <br /> dispute between the contractor and the property owner. He stated the City was in the middle of <br /> this. He recommended Council continue the discussion on the Flaherty's assessment. <br /> Mayor Harpstead closed the public hearing at 8:03 p.m. <br /> Mr. Filla reviewed the assessment appeal process. <br /> MOTION: Councilmember Grant moved and Councilmember Holden seconded a <br /> motion to accept the staff recommendation of 6.5 percent and the <br /> assessments be of equal annual installments. <br /> Councilmember Grant believed the interest rate of prime plus 2 percent was too high. He noted <br /> there was little risk the City would not collect on this. <br /> The motion carried unanimously(5-0). <br /> MOTION: Mayor Harpstead moved and Councilmember McClung seconded a <br /> motion to extend term of current assessment period from five (5) years to <br /> seven(7)years. <br /> Councilmember Holden asked if the City would recoup their costs over seven years. Ms. <br /> Iverson replied the City would recoup its costs. <br /> The motion carried unanimously(5-0). <br /> MOTION: Councilmember Grant moved and Councilmember Holden seconded a <br /> motion to allow 1465 Floral Drive assessment be deferred on the second <br /> parcel until the time the property is sold or subdivided. The motion <br /> carried unanimously(5-0). <br /> MOTION: Mayor Harpstead moved and Councilmember McClung seconded a <br /> motion to amend Motion 07-55 to add an "A" suffix to the Resolution and <br /> to amend this resolution reflecting the assessment be payable in seven (7) <br /> equal annual installments and bear an interest rate of 6.5 percent and that <br /> the assessment for the property at 1465 Floral Drive be deferred until the <br /> time the property is sold or subdivided. The motion carried unanimously <br /> (5-0). <br /> • <br />