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Council hears options to manage $152,227 USDA LID loan from 1998
Summary
City staff reported Harrison currently owes $152,227.25 on a 1998 USDA Local Improvement District loan; USDA has proposed reamortizing the loan so the city would pay $24,000 each March for eight years pending city agreement and legal review.
City staff reported the city currently owes the U.S. Department of Agriculture $152,227.25 related to a 1998 Local Improvement District (LID) assessment. The minutes record that the city's annual payment obligation is $54,854, but revenue collections fall short because a 1998 decision exempted some properties from LID costs. USDA has proposed reamortizing the loan, which would allow the city to pay $24,000 each March for the next eight years if the council agrees to that arrangement.
City Attorney Andy Doman will review the city's legal options before the council commits to any reamortization plan. The minutes capture the figures discussed and note the proposal is pending formal review; no binding decision was recorded at this meeting.
