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M e
To:
From:
Cc:
Date:
Subject:
OBJECT
Staff is se
SPECIAL
The 201
assessme
repayme
Staff is re
actual cos
receive a
special as
20 year pe
period if t
Special as
is as follow
e mor
Mayo
Allyn
Denn
Chris
Octob
2015 S
TIVE
eeking City C
L ASSESSM
15 Street R
ent of $8,11
ent are as fol
a) 20 yea
b) 30 yea
c) 20 yea
commending
st of the spe
notice at tha
sessment. T
eriod. The n
they provide w
ssessments ar
ws
r and
r and Counc
Kuennen, In
is Feller, Fina
Petree, Publ
ber 14, 2014
Street Recon
Council direc
MENT ‐ TER
econstructio
16 for single
llows:
ar amortizat
ar amortizat
ar amortizat
g option C – p
ecial assessm
at time infor
The notice wil
otice will also
written notic
re equal annu
d u m
cil
terim City A
ance Directo
lic
nstruction Pro
ction as to th
RMS
on Project
e family hom
tion
tion.
tion with Pro
provide the 30
ents will be
ming them o
ll inform the p
o inform them
e to the City w
ual principal p
1
m
Administrato
r
oject.
he terms of t
Feasibility
mes. Th
operty owne
0 amortizatio
calculated in
of the public
property own
m of the optio
within 30 day
payments. A
or
the special a
Report prov
he primary
er ability to c
ons as a repay
n March/Apri
hearing and
ner that the a
on to have th
ys after the cl
A comparison
Cit
Finance
assessment.
vides an e
options for
choose 30 ye
yment option
il 2015. Pro
the propose
assessment w
e assess paya
lose of the pu
of the 20 an
ty of Lakev
e Departm
stimated sp
property o
ear amortiza
n. If approve
operty owner
ed amount of
will be levied o
able over a 30
ublic hearing.
d 30 year pro
ville
ment
pecial
owner
ation
d, the
rs will
f their
over a
0 year
ogram
2
Payment Payable 20 Year 30 Year Difference
1 2016 $746 $656 ($90)
2 2017 $729 $643 ($86)
3 2018 $712 $630 ($82)
4 2019 $695 $617 ($77)
5 2020 $678 $605 ($73)
6 2021 $661 $592 ($69)
7 2022 $644 $579 ($65)
8 2023 $627 $566 ($61)
9 2024 $610 $553 ($57)
10 2025 $593 $540 ($52)
11 2026 $576 $528 ($48)
12 2027 $559 $515 ($44)
13 2028 $542 $502 ($40)
14 2029 $525 $489 ($36)
15 2030 $508 $476 ($32)
16 2031 $491 $463 ($28)
17 2032 $474 $450 ($23)
18 2033 $457 $438 ($19)
19 2034 $440 $425 ($15)
20 2035 $423 $412 ($11)
21 2036 $399 $399
22 2037 $386 $386
23 2038 $373 $373
24 2039 $360 $360
25 2040 $348 $348
26 2041 $335 $335
27 2042 $322 $322
28 2043 $309 $309
29 2044 $296 $296
30 2045 $283 $283
Total $11,687 $14,091 $2,405
Special Assessment
The 20 year special assessment is based on an estimated interest rate of 4.2%; the 30 year
assessment is based on an estimated 4.75% interest rate. The estimated assessments shown
above are subject to change based on actual costs determined in March/April 2015 and the
interest rates in affect at that time.
3
RECOMMENDATIONS
Staff recommends a 20 year amortization with Property owner ability to choose 30 year
amortization.