Benton County opts for 7‑year term, 3% interest on subdivision seal‑coat special assessment

VINTON, Iowa — The Benton County Board of Supervisors agreed to finalize terms for a seal‑coat road improvement petition covering two subdivisions, setting a seven‑year repayment term with a 3% interest rate for property owners who choose to pay in installments.

County staff explained the project timeline and financing options for petitioning property owners. The board previously received petitions with about 41 signatures from affected property owners in the two areas. Staff said the county typically finances 50% of these surface projects up front and offers property owners the option to repay their portion in annual installments; prior projects had used five‑year terms, but county code allows up to 10 years.

“We’re estimating just under $10,000 per property owner,” a county staff member said, describing the estimated property owner share based on the county’s cost estimate and the split across 41 parcels. Staff said the county will draft the final petition, contract and waiver and return it to the board for final approval once the term and interest rate are set.

Supervisors debated the term length and how it affects annual payments. One supervisor said a seven‑year term would “help on getting that petition all signed and the full process going.” Another supervisor noted property owners could prepay and avoid interest; staff said prepayments are allowed and the final assessment would reflect actual costs.

After discussion, a supervisor moved to set the repayment term at seven years and the interest rate at 3%. The motion passed on a roll call.

Staff will prepare the petition and contract with parcel‑specific assessments based on final project costs and return the documents to the board for final approval. The special assessment will be carried on parcel tax records; if a parcel changes ownership during the term the remaining balance will appear on the new owner’s tax statement.