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<br />ARDEN HILLS CITY COUNCIL - June 8, 2009 <br /> <br />9 <br /> <br />Mayor Harpstead stated that Council had provided Staff with direction of <br />installment periods and interest rate for the assessment roll. He asked if there were <br />any changes that Council would like to make at this time or if there was still a <br />consensus from Council. <br /> <br />Councilmember Holden asked what the rate or annual amount was over the 1 0 <br />years. <br /> <br />Finance Director Iverson stated that the principle payment would be divided by <br />ten and would stay constant over the term and the payment would be higher in the <br />first year because there would be all of the interest plus the principle payment. The <br />equal annual installments would be where the payment would be a larger interest <br />payment and smaller principle payment to start with. <br /> <br />Mayor Harpstead asked what the annual cost per resident would be under the <br />equal payments plan. <br /> <br />Finance Director Iverson stated that the amount payable each year would be <br />$846.67 for years two through ten but the first year would be $1026.38 because of <br />the extra interest from this year added to the amount. <br /> <br />City Attorney Filla asked when the first installment would be due and payable. <br /> <br />Finance Director Iverson stated that it would be due in 2010. <br /> <br />Mayor Harpstead clarified that May 2010 half of the $1026.38 would be due. <br /> <br />Finance Director Iverson stated that this was correct. <br /> <br />City Attorney Filla asked if the next Council meeting would address the deferred <br />assessment roll and what was being presented at this time was the regular special <br />assessment. <br /> <br />Mayor Harpstead clarified that the motion at this time would not deal with the <br />second units that are being assessed for the four property owners and there would <br />be a Deferred Assessment Roll that would be dealt with separately. <br /> <br />Civil Engineer Giga stated that Staff was asking for direction on how the Council <br />would like to frame the resolution pertaining to the deferred properties. She <br />clarified that the Resolution being presented does not include the four properties <br />that are being deferred and these would be part of a separate resolution to be <br />presented to the Council at a later date. <br />