Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Developer Finance Assessments topic
No spam. Unsubscribe anytime.
Developer asks council for extra year before special assessments on Saddle Brook development
Summary
A developer asked the council during public forum on Aug. 12 to consider extending the temporary note period from two years to three before converting infrastructure costs to special assessments for a large Saddle Brook subdivision.
A developer asked Park City’s council during the public forum on Aug. 12 to consider allowing a three‑year temporary period before infrastructure costs convert to long‑term special assessments for a 60‑plus‑acre Saddle Brook housing development.
Lou Rebelli said he and his partner are preparing a housing development north of Saddle Brook on more than 60 acres and asked council to give their project a three‑year temporary note period because of the volume of homes they plan to build. “We’re asking for, ex consideration to have 3 years because of the volume of homes we’re building,” Rebelli said.
City staff responded that the city’s current practice is to place projects on temporary notes for two years once infrastructure is complete, then sell bonds and spread the specials over 20 years. Staff said the temporary notes are used to finance construction and interest while projects proceed and that the city “puts them on temporary notes for 2 years … and then once they’re complete, we sell the bonds.”
No council vote or formal change to the city’s policy was recorded at the meeting; the item was presented during public forum and staff clarified the existing process. Rebelli and his partner requested the council’s consideration; any change would require future council action and possible ordinance or policy adjustment.
