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<br />. .. ~~ <br />I CITY OF ARDEN HILLS <br />I MEMORANDUM <br />t DATE: April 14, 1997 <br />I TO: Jerry Filla, City Attorney <br /> FROM: Terrance Post, City Accountant @) <br />I <br /> SUBJECT: Analysis of Albjerg Special Assessment <br />I (1680 Oak AvenuclPIN 28-30-23-44-0042) <br /> Pursuant to your phone request, I have recalculated the above-referenced special assessment <br />I using a total assessment assumption of $1,000.00 instead of the previously-adopted total <br /> assessment of$3,692.07. The following analysis compares the installment payable for 1997 <br /> using the two different total assessment amounts. <br />I <br /> $3,692.07 $1,000.00 <br /> Description Assessment Assessment <br />I . First Year (1997) $461.51 $125.00 <br /> Principal Installment <br />I (8 year amortization) <br /> . First Year (1997) 470.97 127.56 <br />r Interest Installment <br /> (.12756 factor) <br />I . Total amount included $932.48 $252.56 <br /> in taxes payable <br />I Conclusion <br /> Assuming the Albjerg's make both of their 1997 property tax payments in full (i.e., May 15th <br /> and October 15th), then the total amount they would have paid toward the 96RECON8YR <br />I improvement is $932.48 ($461.51 principal, and $470.97 in interest). Assuming that the original <br /> total assessment was $1,000.00, then the 1997 "payoff' would be $1,127.56 ($1,000.00 <br /> principal, plus $127.56 in accrued interest). <br />I <br /> Therefore, if the property owner wished to liquidate the assessment in 1997 based on an original <br /> $1,000,000 total assessment, they would have to remit an additional $195.08 ($1,127.56- <br />I $932.48) to Ramsey County Property Records in conjunction with appropriate Resolution actions <br /> .' <br /> by the Arden Hills City Council. ; <br />I <br />I <br />~ <br />I <br />- <br /> -----.--- <br />