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83-044
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83-044
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<br />MAYOR WOODBURN: <br />by essentially a six <br />temporary. <br /> <br />The money for this improvement is carried <br />year bond - a three and a three - <br /> <br />. <br /> <br />MR. POPOVICH: This was part of the bond issue in 1982. <br />We sold $3,355,000. At the end of three years, you either <br />have to pay that off or have another three year bond issue or <br />a definitive bond issue of ten or fifteen years. Here-we"" <br />thought - because of the developer approach and everything - <br />that running it over six years, we could have the first three <br />years and then the next three years. If it developed faster <br />than that, you wouldn't have to have that next three years, <br />but you have one isolated piece of property there that is <br />obviously a little different category than the others because <br />of the present use. Of course, we know that and whether or <br />not you want to go along with a different period of time, <br />that's a judgment call based on what you feel the Hansens <br />ought to do. <br /> <br />.. .:;... <br /> <br />MAYOR WOODBURN: Are there any further questions from <br />the audience? Six years is a little quick for private <br />parties to payoff an assessment (inaudible). On the other <br />hand, there's no question that somebody is going to make a <br />handsome profit on this improvement on the back of that <br />property some day. <br /> <br />MAN IN AUDIENCE: lofuy couldn't you just skip over that <br />party and assess them in the event it was split at some time? <br /> <br />MR. POPOVICH: That's an indirect question - should <br />there be a deferment? As you know, this whole thing was <br />considered to be lOO% assessed. If you defer it - and that <br />would mean $18,000 wouldn't come in on this particular bond <br />issue - so somewhere you'd have to come up with $18,000 <br />until that bond issue was paid off. It means you would have <br />to get it out of other funds within the City or you'd have <br />to spread $18,000 over the six year period as general taxes <br />over the entire City. Then later on, if somebody hooked up <br />ten years from now, then you could have that complete charge <br />paid in full when somebody changed the utilization of the <br />property. You'd get the $l8,000, plus the interest that had <br />accrued during that period of time and it would go into some <br />fund. But meanwhile, you can't redistribute that back to <br />the people in cash rebate checks. Somewhere that $18,000 has <br />to be picked up between now and the time they pay, so defer- <br />ments, while possible, are not really good for you over the <br />long run. There will be a cash shortfall somewhere during <br />the period of that bond issue. <br /> <br />. <br /> <br />MAYOR WOODBURN: It appears that part of that answer is <br />also the fact that we can't raise the assessment on any other <br />lots, having given the maximum value - is that correct? <br /> <br />MR. POPOVICH: That's right. In other words, you'd have <br />to have some pretty good evidence that the lots were benefitted <br /> <br />-5- <br />
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