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Harrison reviews options to manage $152,227 USDA LID debt; USDA offers reamortization proposal

Harrison City Council · September 12, 2024
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Council discussed a 1998 Local Improvement District (LID) debt to USDA of $152,227.25 and a USDA proposal to reamortize the loan so the city could pay $24,000 in March for the next eight years; city attorney will review legal options.

The council discussed the city’s outstanding USDA Local Improvement District (LID) debt during the Sept. 12 meeting. According to the minutes, "The city currently owes the USDA $152,227.25." Under current terms the annual payment to USDA is $54,854, but not all property owners pay LID bills and collected revenue currently falls short.

USDA presented a proposed reamortization allowing the city to pay $24,000 each March for the next eight years, subject to city agreement. The council recorded that the City Attorney will review the city’s options, including legal and fiscal implications, before any action is taken.

Councilmembers did not adopt a repayment plan at the meeting; the discussion established the debt figures and next steps for staff and legal review.

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