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<br />ARDEN HILLS REGULAR CITY COUNCIL MEETING MINUTES <br />APRIL 14, 2003 <br /> <br />8 <br /> <br />- <br /> <br />Mr. Moore replied after the assessment roll was adopted, the residents had 30 <br />days to pay it in full and a letter would go out to all residents explaining the <br />payment options. The interest would start bearing on the first day after the <br />assessment roll had been adopted. <br /> <br />Mr. Parrish stated the assessment policy did not state what interest rate should be <br />charged and the interest rate assessed was not tied to anything. He stated the <br />interest rate for the last PMP project was 6.5 percent. He further stated in <br />evaluating the assessment policy in the future, the Council might want to link the <br />interest rate to some type of a rate, such as the prime rate, mortgage rates, etc. <br /> <br />Councilmember Grant stated the 6.5 percent interest rate was too high. He <br />stated he understood the risk, but even at 5,5 percent, they were still 1.25 percent <br />above the current prime rate. <br /> <br />Mayor Aplikowski requested the interest rate be addressed later in the evening. <br /> <br />. <br /> <br />Councilmember Larson stated he would support staffs recommendation for <br />denial based on the reason that this was the City's policy that had been applied to <br />other lots going back to the early 1990' s, He noted this was an equitable way of <br />attempting to address odd sized lots. <br /> <br />MOTION: Councilmember Larson moved and Councilmember Holden <br />seconded a motion to uphold the staff recommendation for <br />denial. The motion carried (4-1), (Councilmember Rem) <br /> <br />Mayor Aplikowski stated staff had reviewed the objection from Dan Bickham, <br />4460 Pleasant Drive, and recommended denial. <br /> <br />Dan Bickham. 4460 Pleasant Drive, stated he had the same issue as Mr. <br />McDonagh, He noted his assessment was $6,300 and he believed it should be an <br />average assessment. He further stated he should not have to pay more than his <br />neighbors did because he had an odd shaped lot. He expressed concern regarding <br />the interest rate. <br /> <br />~ Mr. Filla indicated the first installment would not be payable until 2004, therefore <br />the interest would be for the remainder of 2003 and 2004. <br />