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CONSENT ITEM - 8I <br />-ARVE_-HILLS <br />MEMORANDUM <br />DATE: November 12, 2024 <br />TO: Honorable Mayor and City Councilmembers <br />Jessica Jagoe, Interim City Administrator <br />FROM: David Swearingen, P.E. Public Works Director / City Engineer <br />SUBJECT: 2024 PMP — Authorization to return special assessment interest <br />Budgeted Amount: Actual Amount: Funding Source: <br />$0 $1,668.87 PIR Fund <br />Council Should Consider <br />Motions to approve, table, or deny the following: <br />Return interest collected on payments received prior to certification related to the <br />special assessments for the 2024 PMP Street & Utility Improvement Project in the <br />amount of $1,668.87 <br />Backiround/Discussion <br />The Arden Hills City Council adopted the assessments related to the 2024 PMP Street & Utility <br />Improvement Project on April 8, 2024. The Notice of the Assessment Hearing dated March 13, <br />2024, did not specify the exact value of the interest rate which was set by the City Council at <br />4.75% percent via Resolution 2024-021. Due to this clarification, it was determined that no <br />interest shall be charged if the entire assessment is paid from the adoption of this assessment, <br />between April 8, 2024, and November 15, 2024. City staff has recorded properties that have <br />prepaid the entire assessment, and with Council authorization, will be receiving a refund <br />equaling the interest payment made. Notice of this action dated October 29, 2024, has been sent <br />to the affected properties. Properties within the project area that have not yet paid their <br />assessment were also notified that they could make a partial or full payment by November 15, <br />2024, to avoid any interest charge on the prepayment portion of the assessment. Property <br />Owners were notified that the interest rate of 4.75% percent would be charged on any portion <br />thereof after November 15th, per year in accordance with Resolution 2024-021. <br />City Staff is requesting authorization to return interest collected related to the special <br />assessments for the 2024 PMP Street & Utility Improvement Project in the amount of <br />$1,668.87. <br />Page 1 of 2 <br />