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<br /> --------- <br /> ARDEN HILLS CITY COUNCIL - MARCH 9. 1998 ~ ~~ ~ 16 <br /> is familiar with this option and suggested the City Accountant contact them for their input. . <br /> Mr. Post explained the four streets in the 1998 project generally lend themselves to the option of <br /> a unit assessment and, if done on a unit basis, there would not be much of a variance. He stated <br /> the Council has directed him to prepare an analysis of the interest rate factor to be used on the <br /> assessment roll but the resolution specifically relates to an interest rate. Mr. Post asked if the <br /> Council would like to deal with that assessment interest now or deal with it at a later meeting. <br /> Councilmember Keim expressed her concern that the proposed interest rate of 8% may be a little <br /> high in the current market. Also, the assessment is secured against the property so the risk is <br /> low. <br /> Councilmember Malone explained that the interest rate is not meant to lessen risk, but to <br /> reimburse the City, which will be financing this project, for the lost income from investments. <br /> Mr. fritsinger suggested that the Council address the interest rate issue at the assessment hearing. <br /> Mayor Probst noted the advertisement of the assessment hearing to the residents indicates the <br /> amount and percentage. He stated the Council can further discuss this at the upcoming <br /> worksession prior to the assessment hearing where the actual figures will be set. <br /> Councilmember Malone suggested the City Accountant research a ceiling of3.5% of market . <br /> value. Mr. Post stated that as a baseline, ifhe uses the median value home in Arden Hills as <br /> being approximately $140,000 and relates what typical reconstruction assessments have been, it <br /> will equal about 2.5%. <br /> Mayor Probst suggested that research also take place on the appraisals done when assessments <br /> have been appealed. <br /> Councilmember Keim noted the Stowe A venue area is assessed below the median for the City <br /> with, perhaps, the exception of one property which may throw off the data if a study is being <br /> conducted. <br /> MOTION: Councilmember Malone moved and Councilmember Aplikowski seconded a <br /> motion to adopt Resolution #98-31, Determining Assessed Cost ofImprovement <br /> and Ordering Preparation of Proposed Assessment Roll in the Matter of 1998 <br /> Street Improvements with the alternate roll as discussed this evening and with <br /> modifications noted by City Accountant Terry Post. The motion carried <br /> unanimously (5-0). <br /> D. Personnel, Employee Health Insurance <br /> Mr. Fritsinger explained staff has completed its review of insurance for employees and did solicit . <br /> price quotes from a variety of vendors. Staff created a committee to evaluate these proposals <br /> based on different scenarios including coverage and cost. He reported that upon completion of <br /> that process, the committee recommends changing the health insurance provider from Medica to <br /> ------- <br />