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Council hears options to manage $152,227.25 USDA LID debt from 1998
Summary
City staff reported Harrison owes the USDA $152,227.25 from a 1998 Local Improvement District (LID) assessment. USDA proposed reamortizing the loan to $24,000 annual payments for eight years; the City Attorney will review options.
City staff reported that the city’s outstanding balance on a 1998 USDA Local Improvement District (LID) assessment is $152,227.25. The minutes state the annual payment currently is $54,854, but the city’s collected LID revenue falls short because certain properties were exempted by a 1998 decision.
USDA has proposed reamortizing the loan, which would allow the city to pay $24,000 each March for the next eight years if the city agrees. The minutes note the City Attorney, Andy Doman, will review the city’s options before any agreement is made.
