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City of <br /> Elk - Request for Action <br /> River O. <br /> To Item Number <br /> Mayor and City Council 8.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 19, 2013 Jeremy Barnhart, CODD Deputy Director <br /> Item Description Reviewed by <br /> Petition from Mark Leadens for Payment of Cal Portner, City Administrator <br /> SAC/WAC Amounts Paid as a Special Charge Reviewed by <br /> Action Requested <br /> Approve by motion the Petition,Waiver and Agreement for Payment of Water and Sewer Access <br /> Charges and Assessment of Amounts Paid as a Special Charge under Minnesota Statutes, Section 429.101 <br /> Background/Discussion <br /> Mark Leadens,representing Natures Dry Cleaning, has submitted a petition to have his SAC and WAC <br /> charges assessed to the property taxes. Total charges are $120,530.19,including$50,216.89 to Elk River <br /> Municipal Utilities. <br /> Mr. Leadens petition requests payback over 7 years, at 2.9%interest per year. The seven years is <br /> consistent with the city policy established last month, but the interest rate is below. To be consistent with <br /> city policy, the interest should be at 3.5%. <br /> Interest is determined by the rate established by the US Treasury rate plus an administrative fee of 1.5%. <br /> Financial Impact <br /> The difference between the 2.9% and the 3.5% over the seven years is $2,952.96. <br /> Attachments <br /> • Petition <br /> • Payback schedules <br /> P a w E A E U a r <br /> NaA f RE] <br />