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Staff presents Shetland Road RID term sheet: $210,908.34 loan, commissioners to review final documents
Summary
County staff presented a final term sheet for the Shetland Road improvement (RID) loan: $210,908.34 over five years at 3.93% fixed; levy would be divided among 51 parcels, billed individually with 30 days interest-free payment or five annual payments; staff will return with final loan documents.
County staff presented the final terms of a property assessment loan for Shetland Road and outlined how the levy and repayment will be administered.
The staff presenter (speaker 1) told the board the final loan is $210,908.34 over a five-year period at a fixed rate of 3.93 percent. The billing specialist introduced by staff was available to answer questions about billing mechanics.
Staff said the total levy would be divided across 51 parcels that will receive two payments on their property tax bills; property owners will have 30 days to pay without interest or may choose five annual payments. Staff clarified that public works fronted the construction costs and that the county (as signature on the loan) will repay public works as payments are collected.
Commissioners asked practical questions—whether early payoff would be allowed, how much the loan will cost the county over time, and what would happen if a taxpayer disputes the assessment. Staff said they will present final loan documents and full cost figures at a later meeting and anticipated sending bills by September, aiming for collection to begin that month.
No formal vote or county action was recorded on the final day’s term sheet; staff said they will return when final documents are ready.
