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Page 2 <br />Terrace Drive <br />3/8/93 <br />and consistent, since there would have been a reduced benefit from the <br />Terrace Drive project accruing to the Rosedale Square North parcels. <br />They had previously paid the full cost for the old Terrace Drive <br />constructions The request now seems reasonable and consistent with <br />past assessment policy and practice in similar situations; <br />Financial implicationsoo As noted in the letter from Norwest, the <br />request is to reduce the assessment from $125,961.91 to $53,526.73, or a <br />reduction of $ <br />The project has adequate funding due to Municipal State Aid funds -being <br />applied to the project. In fact, the project is "over financed since <br />special assessments and Municipal State Aid funds were used to the <br />maximum extent allowed by state aid rules and assessment policy. <br />Therefore, the reduction requested can be made without adversely <br />affecting project financing <br />Staff recommendation: staff believes <br />Bank is reasonable. We were prepared <br />if it Mould have been made by Lincoln <br />Rosedale Square forth,, used upon ou'. <br />the project has adequate financing to <br />recommend that the Norwest request be <br />RECODMNDED COUNCIL ACTION* <br />that the request made by Norwest <br />to honor a similar request earlier <br />Development,- former owner of <br />r past commitment and the fact than <br />allow the request to be made, we <br />honored <br />Adoption of a resolution amending the assessment roll for city project <br />P -91 -04 reducing the total assessment from $125,96le9l to $53,526.73. <br />