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bonds were sold for. <br /> <br />Mary Eggum inquired if the standard assessment would ever exceed the cost of <br />the improvement. <br /> <br />Mr. Hartley replied the standard assessment is below the property value <br />increase resulting from the improvement. <br /> <br />Marv Eggum stated that he has experienced cases in other communities where he <br />was assessed for sewer and water assessments and he received a second <br />assessment when he subdivided the property. <br /> <br />Mr. Hartley stated that in most cases, with this project, we are talking about <br />the extension of sewer and water trunks; in most cases, we are not talking <br />about extending laterals. Property owners will receive a second assessment <br />when laterals are installed. <br /> <br />Bernie Vevea stated that he would be paying a water assessment without having <br />the benefit of being able to hook up to water because the laterals wouldn't be <br />there to serve his property. In addition, another trunk line would have to be <br />installed in order to get a lateral to his property, in which case he would <br />have a second trunk assessment and a lateral assessment. <br /> <br />Mr. Hartley replied that all properties will receive only one assessment for <br />trunk lines Laterals would be extended from the trunk line on Sunfish Blvd. to <br />serve all properties in that area. <br /> <br />Bernie Vevea inquired if he could be assessed a second trunk charge if the <br />trunk line were extended to the west. <br /> <br />Mr. Hartley replied that State law prohibits cities from assessing properties <br />more than once for trunk lines. <br /> <br />Bernie Vevea inquired if it would take a trunk extension to the west and a <br />lateral in order for him to hook up to municipal water. <br /> <br />Mr. Hartley replied that it would but Mr. Vevea would not be assessed another <br />trunk assessment. <br /> <br />Steve Gorecki inquired if the 100% standard assessment to properties accepting <br />their assessment in the tenth year of the deferment period includes the accrued <br />interest over than ten year period. <br /> <br />Mr. Hartley replied that the interest clock starts when the property owner <br />begins making payments. Interest would not accumulate during the deferment <br />period but the longer you defer, the greater percentage of the standard <br />assessment you will pay. <br /> <br />Bernie Vevea stated that then the property owner who defers the full ten years <br />is not receiving any tax increment revenue assistance and benefit on his <br />assessment. <br /> <br />Mr. Hartley replied that the tax increment makes it possible for that property <br /> Sp Council/12-2-86 <br /> <br />Page 3 of 13 <br /> <br /> <br />