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CCP 09-11-2006
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CCP 09-11-2006
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5/8/2007 1:21:24 PM
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11/15/2006 10:09:27 AM
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<br />. <br /> <br />~ <br /> <br />tit <br /> <br />2006 PMP <br />9/7/2006 <br />Page 5 <br /> <br />7) Written comment: 1465 Skiles Lane, Wayne Henquinet <br />Mr. Henquinet submitted a written objection regarding the timing of the assessment. He feels <br />that the property owners should not be assessed until the completion of the project. Per the <br />assessment policy, the assessment roll is typically adopted prior to the beginning of <br />construction. However, with the high bids raising the lluestion of whether the project <br />would even proceed, the assessment hearing was delayed to allow staff to investigate <br />possihle savings in the project to reduce the overall cost. <br />Mr. Henquinet also exprcsscd a concern regarding the proposed interest rate on the <br />assessment. Hc fcels that the proposed rate of prime plus two percent is high and is not a fair <br />rate. The assessment policy states that the interest rate used for the assessment shall be <br />designated at the prime rate plus two percent. However, the assessment policy also <br />states that Council may deviate from the policy as it deems proper. The Council must <br />discuss and set this rate at the adoption of the assessment roll. <br /> <br />FINANCIAL IMPLICATIONS <br /> <br />The assessment policy states that the interest rate shall be designated at the prime rate plus two <br />(2) percent. The prime rate currently is 8.25%, which would mean a 10.25% interest rate for the <br />assessment. Some residents have expressed concern that this rate appears rather high. Staff <br />researched that a lO-year home equity loan can be obtained at a rate of7%, and would suggest <br />that Council consider a 9% interest rate for the assessments. The additional two (2) percent <br />would cover administrative costs. Council must set the interest rate when the assessment roll is <br />adopted. <br /> <br />Schedule: The following is a proposed schedule for 2006 assessments: <br /> <br />September II <br /> <br />Council adopts assessment roll <br /> <br />Sept. 12 to Oct. II <br /> <br />Assessment pre-payment period at Arden Hills City Hall (30 days) <br /> <br />Oct. l2 to Oct. 30 <br /> <br />Tally of final assessment roll <br /> <br />October 31 <br /> <br />Certification of final assessment roll to Ramsey County <br /> <br />RECOMMENDED COUNCIL ACTION <br /> <br />It is recommended that the Council approvc the attached resolution which adopts the assessment <br />roll for the 2006 PMP improvements. <br />
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