#7 Approve payment plan for Austin Conservancy (File Res. #2010-738)CLERK-TREASURER’S OFFICE MEMORANDUM
October 1, 2010
TO: City Council
FROM: Jean Ann Wulf, City Clerk-Treasurer
SUBJECT: Action on a proposed resolution authorizing a 10 year special
assessment payment plan for Austin Conservancy Group, LLC (File
Res. No. 2010-738)
Austin Conservancy Group, LLC contacted the Clerk-Treasurer’s Office
concerning the special assessments that were levied against their 5 lots located
on Falcon Ridge Ct. With the downturn in the local economy, they are requesting
the opportunity to change from a 5 year to a 10 year payment plan and the
interest rate would remain at 7.25% on the unpaid balance. The attached letter
explains their request.
In 2008, Austin Conservancy Group had $132,125.42 in special assessments
levied against their property and it was placed on the 5 year payment plan. To
date, they paid $33,559.26 in principal and the associated interest costs. The
remaining $98,566.16 in principal is scheduled to be paid over the next 4 years.
They are requesting the opportunity to spread this amount over the next 9 years
with an annual principal payment of $10,951.80.
Council Policy Statement No. 63 acknowledges financial hardships where a
property owner cannot afford to pay their special assessments over 5 years. An
excerpt from this policy states:
V. Financial Hardships.
A. If a property owner has a financial hardship, they may apply in writing
to the Council to spread payments over ten years with interest; rather
than five years.
In the past, the City Council has granted a 10 year financial hardship. Therefore,
the Clerk-Treasurer’s Office recommends that the City Council adopt Resolution
No. 2010-738 which would allow a 10 year payment plan with interest.
Attachment
Jay Winzenz, Director of Administrative Services
RESOLUTION NO. 2010-738
Resolution authorizing a 10 year special assessment payment plan for Austin
Conservancy Group, LLC for the lots located on Falcon Ridge Ct.
WHEREAS
, the administration has determined that Austin Conservancy Group,
LLC, owns five lots located on Falcon Ridge Ct., tax parcel nos: 0134400003,
0134400004, 0134400005, 0134400006, and 0134400007, Janesville, Wisconsin, and
meets the conditions outlined in City Council Policy No. 63, paragraph V. A. for a
financial hardship ten year payment plan;
NOW, THEREFORE, BE IT RESOLVED
by the Common Council of the City of
Janesville, that the special assessments be changed from a five year to a ten year
payment plan with equal principal amounts and the associated interest levied.
ADOPTED:
Motion by:
Second by:
APPROVED:
Councilmember Aye Nay Pass Absent
Brunner
McDonald
Eric Levitt, City Manager
Perrotto
Rashkin
ATTEST:
Steeber
Truman
Voskuil
Jean Ann Wulf, City Clerk-Treasurer
APPROVED AS TO FORM:
City Attorney
Proposed by: City Clerk-Treasurer
Prepared by: City Clerk-Treasurer